Union Finance Minister Arun Jaitley on Saturday said that 64,275 people have declared their assets worth Rs 65,250 crore under the Income Tax Declaration Scheme, which ended on September 30, reported ANI. He, however, said the figures were tentative and may increase after the final tabulation. He also maintained he would not disclose the names of those who made use of the scheme. “We won't give any specific information on tax declarants," Jaitley said.
Jaitley said, “Roughly, the declarations work out to Rs 1 crore per declarant. Some will be higher, some will be lower.” This means the government will earn close to Rs 30,000 crore after tax and penalty of 45% is levied on this amount, reported Business Standard. Jaitley said the money will go into the Consolidated Fund of India and will be used for social security purposes.
According to the Income Declaration Scheme introduced by the central government, domestic black money holders could declare their undisclosed income, pay 45% tax and penalty, and escape prosecution. However, Jaitley has maintained that the scheme did not give tax defaulters immunity.