Disclosure of Rs.65, 250 crore Black money in India

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In the span of 4 months Rs.65, 250 crore of amount had been disclosed under Income declaration scheme (IDS). THE government received Rs.29, 362 crore in the form of tax and penalty said by union finance minister Arun Jaitley and he also said that the amount is more if they combine the amount disclosed through online & at income tax offices. September 30th was the last day to pay tax & 45% penalty on black money and disclosure of illegal property’s owned under IDS. Tax and penalty should be pay in two installments with in 30th September 2017. The CBDT (Central Board of Direct Taxes) chairman Rani. S. Nair said that estimation of Rs.30, 000 crore tax collection under IDS. On Friday 30th 2016 there was a huge rush at income tax offices all over India as it was the last date to disclose amount of black money.
                         
                             

PM Modi appreciated union finance minister Arun jaitley and his team for the success of the scheme. Modi said that it is a good sign for Indian economy and transparent Economic system of the country. 

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