Final black money tally may go up by Rs 10,000 cr

As many as 64,275 declarants disclosed their excess money but this figure could also be revised upward, FM Jaitley said

The final tally of disclosure might be Rs 10,000 crore more than reported so far under the recently concluded scheme in this regard for hitherto undisclosed money, tax officials said.

“The total figures could go well beyond Rs 75,000 crore. A final report will be submitted by the Central Board of Direct Taxes (CBDT) by next week,” an official said.  

Devaraj Reddy, president of The Institute of Chartered Accountants of India, said at least Rs 71,000 crore was declared under that Income Declaration Scheme (IDS).

Finance Minister Arun Jaitley had given a figure of Rs 65,250 crore but said this was provisional. As many as 64,275 declarants disclosed black money but this figure could be revised upward, he had said.

Central Board of Direct Taxes head Rani Singh Nair met regional heads on Tuesday and sources said IDS and its aftermath were discussed.

The scheme charged a one-time effective tax rate of 45 per cent on hitherto undisclosed income or assets, a chance for citizens to declare undisclosed income or assets and avoid prosecution under the Income Tax Act, Wealth Tax Act and Benami Transactions (Prohibition) Act.