No extension in deadline for black money disclosure scheme

Government today ruled out any extension to the September 30 deadline for filing income disclosure under the black money compliance window.
In a series of tweets, Revenue Secretary Hasmukh Adhia said that expectations are raised that looking to the enthusiasm of people for making IDS declaration, the date for income disclosure scheme (IDS) would be extended.
"We want to make it very clear that the last date for Income Declaration Scheme (IDS) will not be extended," Adhia tweeted.
Under the IDS, people can disclose their undeclared income and escape prosecution. The scheme, which was launched on June 1 to uncover black money, closes on September 30.

"We, therefore, appeal to people to file their declarations in time before 30th September," Adhia said.
"The issue of black money has attracted a lot of public

and media attention in the recent past. So far, there are no reliable estimates of black money generated and held within and outside the country," the Finance Ministry had said while ordering the studies in 2011.
The different estimates on quantum of black money range between USD 500 billion to USD 1,400 billion. A study by Global Financial Integrity estimated the illicit money outflow at USD 462 billion.
"These estimates are based on various unverifiable assumptions and approximations. Government has been seized of the matter and has, therefore, commissioned these institutions to get an estimation and sense of the quantum of illicit fund generated and held within and outside the country," the Ministry had said on May 29, 2011.

The Terms of Reference (ToR) for the studies included assessment or survey of unaccounted income and wealth and profiling the nature of activities engendering money laundering both within and outside the country.
The study was to identify, among others, important sectors of the economy in which unaccounted money is generated and examine the causes and conditions that result in the generation of that money.