Diabytes
Income Declaration Scheme 2016 News
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He had revealed to the authorities that he had not disclosed an income of Rs13,860 crore. That puts him for a direct tax liability of Rs4,500 crore.
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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.
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Under the Income Declaration Scheme 2016, which came into effect on June 1, one can come clean by paying tax, penalty and cess totalling 45 percent of the undisclosed income.
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Refusing demands to make the Income Declaration Scheme 2016 more attractive, Finance Minister Arun Jaitley on Thursday said the IDS is "not a seasonal sale".
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