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Declaration of undisclosed Black Money an analysis to understand success

Corporate Laws / Banking / SEBI - By: - CADEV KUMAR KOTHARI - Dated:- 25-11-2016 - As per written reply to a question in Rajya Sabha found on link (https://www.taxmanagementindia.com/wnew/print_tmi_Commentary.asp?ID=16914 ), given by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance the following information about IDS is analysed: total number of 64,275* declarants have been made under IDS undisclosed income of ₹ 65,250* crore has been made under the Income Declarat .....

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7; 101 lakh is very small to call it highly successful. Particularly if we consider some of cases of cash and other properties found in cases of disproportionate income of government officers and even junior officers in government and government organizations, we can say that an average declaration of ₹ 101 lakh is very small. However, because government officers could not make declarations under IDS, therefore, it is difficult to say whether IDS was successful. The IDS could have been mor .....

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fear of proceedings and also by undertaking surveys etc. The payment is to be made in instalments, it is likely that some declarants may withdraw declarations on some possible grounds like it was made due to pressures from tax authorities directly and indirectly through A/R etc. Under the Income Declaration Scheme, 2016 the amount of tax, surcharge and penalty is payable in three instalments. Final collection is to face contingency. This has also been stated that the notified date for payment o .....

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