Black money worth Rs 65,250 cr declared in tax disclosure scheme: Jaitley
Given the tax rate and penalty of 45%, this can potentially fetch the government a little under Rs 30,000 crore.
Briefing reporters on the scheme , which was available from June 1 till the midnight of September 30, the finance minister said the tax authorities were still tabulating the declarations, both in physical and electronic form.
“So this (declarations) could be revised upward once the full tabulation takes place,” Jaitley said, adding that the money collected would go into the Consolidated Fund of India and will be used for social security purposes.
“Roughly, the declarations work out to Rs 1 crore per declarant. Some will be higher, some will be lower,” he said, but ruled out any revelation of the names of the people who have availed of the scheme.
“We won’t give any specific information on tax declarants.”