IDS News

The Centre has formulated a NIDS for Jammu & Kashmir The Central Sector Scheme aims for the Development of Industries in the UT of Jammu & Kashmir

The government also unveiled an e-mail address to allow people to send information about tax evaders. 

This income disclosure scheme, which is seen as the last attempt to by the government to curb the black money inflow in the system, rolls out from Saturday and end on March 31, 2016. 

The government has tightened noose on black money holders and is planning to apply technology like data analytics and data mining to sift accounts that are trying to covert their black money into White,  even though it announced one last chance, on Friday, to come clean on the unaccounted wealth.

Income declaration scheme (IDS), 2016 was a scheme introduced by Narendra Modi led government to unearth black money and bring it back into the system.

The Income Tax department has rejected declaration of Rs 2,00,000 crore made under IDS made by a family of four from Mumbai 

The figure of black money disclosed under Income Declaration Scheme (IDS) was revised to Rs 67,382 crore by the Finance Ministry on Sunday. This is Rs 2,000 crore highe than the earlier number.

The Charted Accountant of Mahesh Shah, the missing businessman from Gujarat, who had disclosed unaccounted earnings of Rs 13,860 under Income Declaration Scheme (IDS)claimed that Shah will reveal the name of "one big fish" whose money was part of the Rs 13,860 crore he disclosed in IDS form.

Mahesh Shah, the missing businessman from Gujarat, who had disclosed unaccounted earnings of Rs 13,860 under Income Declaration Scheme (IDS) and since gone missing for 10 days was detained by I-T officials from the sets of a TV news channel on Saturday.

Banks will be accepting the first installments of tax payments under the  Income Disclosure Scheme 2016 with creating any hassle for the declarant or seek any source of funds.

With the last date for payment of tax instalment under IDS drawing close, the Income Tax Department today warned declarants that non-payment of first instalment by November 30 will make declarations invalid.

Describing domestic black money declaration scheme IDS as a "major success", Finance Minister Arun Jaitley Friday said it will yield Rs 29,362 crore in taxes, which is three times the amount garnered by the then government in 1997 amnesty scheme, VDIS.

Tax collected under the country's biggest black money disclosure will help cushion revenue shortfall from the sale of telecom spectrum and help manage the fiscal situation, Finance Minister Arun Jaitley said on Monday.

Income Tax Department Monday said "strict confidentiality" will be maintained about the identity of persons who have disclosed black money during the 4-month window under the Income Declaration Scheme (IDS).

Income declaration scheme (IDS) 2016 provided an opportunity for people to disclose their hitherto undisclosed domestic income and assets. The window was open from June 1 to September 30, 2016. A declarant had to pay a tax of 45 percent on the undisclosed income.

As much as Rs 65,250 crore of undeclared assets were declared through 64,275 declarations through the one-time four-month compliance window provided under the Income Disclosure Scheme (IDS) that ended on September 30.

The Income Tax department has unearthed undisclosed income of Rs 56,378 crore during search operations conducted over two years time and seized cash of about Rs 2,000 crore.

The CBDT expects to mop up a tax revenue of Rs 30,000 crore, with 50 percent coming this fiscal, under the one-time domestic black money compliance window that has seen stash declarations to the tune of Rs 65,250 crore.

What should be termed as a boost to government's efforts in cracking down on black money, the Income Tax Declaration Scheme that ended on September 30 managed to mop up Rs 65,250 crore.