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Income Declaration Scheme 2016 unearths ₹ 65250 crore of hitherto Undeclared Income and Assets; 64275 declarations filed under IDS-2016 up to the midnight of 30th September 2016

News and Press Release - Dated:- 1-10-2016 - The Income Declaration Scheme, 2016 came into effect from 1st June, 2016. It provided an opportunity to persons who had not paid full taxes in the past to come forward and declare their domestic undisclosed income and assets. Declarations could be made online as well in printed copies of the prescribed form up to midnight on 30th September, 2016. In order to facilitate the taxpayers and to spread awareness about the Scheme, the CBDT issued a number of .....

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eclarants. An appeal was made by the Honourable Prime Minister of India to the general public to come clean on taxes due. The FM personally addressed stakeholders at many stations. More than 5500 public meetings in various cities were conducted by the department. Innovative publicity methods like Talkathons, Walkathons, Nukkad Nataks, were used to spread awareness about the Scheme. The Department s strategic use of taxpayer information and data mining techniques further spurred the declarations. .....

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ed upwards. This Scheme was the latest initiative of the Government of India towards tackling. The major steps taken by the Government against Black Money in the last 2-1/2 years include: SIT: Many recommendations accepted such as mandatory quoting of PAN for cash transactions etc. Legal Framework: Making tax crimes predicate offence under PMLA; Amendment of FEMA to provide for confiscation of domestic assets in place of foreign assets; Enactment of Black Money Law and Amendment to Benami Act. I .....

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