Rs. 65,250 cr declared under income disclosure scheme reports Finance Minister Arun Jaitley Saturday Oct 01,2016

The Finance Minister, Arun Jaitley, on Saturday Oct 01,2016said that the income declaration scheme has drawn 64,285 declarants who in aggregate declared Rs. 65,250 crore of hitherto undeclared income.

This aggregate declared amount could be revised upward as some tabulation is yet to be done, Jaitley told

The income declaration scheme was open from June 01,2016 and closed on September 30,2016

Under the scheme, launched on June 1, those who had evaded taxes were given the opportunity to avoid punishment by paying tax, penalty and cess totalling 45 per cent of the undisclosed income. This means that the government will get around Rs 30,000 crore as tax revenue from the scheme. 

Declarants under the scheme will now be required to fork out roughly 45 % as tax (including penalty) for the undisclosed income declared.


The payments have to be made in three instalments till September 2017.

The first instalment of 25 % under the scheme will have to be paid by November 2016, followed by another 25 % by March 31, 2017. The remaining amount will have to be paid to the exchequer by September 30, 2017. 

The scheme provided that the identity of the declarants will not be revealed.


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