SME Times News Bureau | 01 Oct, 2016
Assets worth Rs 65,250 crore
have been declared by 64,275 people under the latest Income Tax
Disclosure Scheme, with scope for some marginal upward revision once the
full tabulation is completed, Finance Minister Arun Jaitley announced
on Saturday.
Given the tax rate and penalty of 45 per cent, this can potentially fetch the government a little under Rs 30,000 crore.
Briefing
reporters on the scheme, which was available from June 1 till the
midnight of September 30, the finance minister said the tax authorities
were still tabulating the declarations, both in physical and electronic
form.
"So this (declarations) could be revised upward once the
full tabulation takes place," Jaitley said, adding that the money
collected would go into the Consolidated Fund of India and will be used
for social security purposes.
"Roughly, the declarations work out
to Rs 1 crore per declarant. Some will be higher, some will be lower,"
he said, but ruled out any revelation of the names of the people who
have availed of the scheme.
"We won't give any specific information on tax declarants."