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Income Declaration Scheme News

07 Sep 2017

Black money: 21,000 people disclose Rs 4,900 crore under new income declaration scheme

The scheme was launched in December last year by the government to enable people with black money to come clean by paying tax and penalty of 50 percent.

Income Declaration Scheme

17 Mar 2017

Govt expects to raise Rs 2,82,212 crore from cess in 2017-18

An estimated Rs 2,82,212 crore revenue will be generated through cess and surcharge in 2017-18, Finance Minister Arun Jaitley said Friday.

21 Dec 2016

Black money: IDS disclosure figures to be revised lower to Rs 55,000 crore

Government is likely to revise downwards the disclosures made under the black money amnesty scheme to about Rs 55,000 crore as one Hyderabad-based realtor and his associates have defaulted on tax payments after declaring more than Rs 10,000 crore unaccounted income.

Business News 2016

16 Dec 2016

Black money crackdown: Rs 65,250 crore mopped up via Income disclosure scheme (IDS)

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.

Income Declaration Scheme

05 Dec 2016

I-T department rejects declaration of Rs 2,00,000 crore made under IDS by Mumbai family

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

04 Dec 2016

IDS gets Rs 67,382 crore, over Rs 2,000 crore higher than estimate realised

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.

02 Dec 2016

Gujarat businessman declares highest ever black money amount – Rs 13,000 crore!

This has to be the mother of all black money declaration – a Gujarat businessman has reportedly declared a whopping sum of Rs 13,000 crore as black money or illicit wealth to the Income Tax Authorities.

21 Nov 2016

Demonetisation: Tax and penalty you pay on misreported income

18 Nov 2016

Black money: IDS 'major success', will yield Rs 29,362 cr in taxes, says Arun Jaitley

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.

Jaganmohan Reddy

13 Oct 2016

Jaganmohan Reddy urges PM to make Income Declaration Scheme list public

YSR Congress Party chief Y.S. Jaganmohan Reddy on Thursday urged Prime Minister Narendra Modi to make public the list of individuals who declared their undisclosed income under Income Declaration Scheme 2016.

03 Oct 2016

Black money disclosure: Identity of individuals strictly confidential, says CBDT

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

03 Oct 2016

Rs 14,700 crore in government coffers from IDS this fiscal: Nomura

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.

02 Oct 2016

Black money disclosure scheme: CAG may audit Rs 65,250 crore, not individual declarations

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.

30 Sep 2016

'Rush' of blackmoney declarants on last day; I-T dept enthused

The "rush" of black money declarants, under the one-time compliance window, peaked across various Income Tax department offices on the last day Friday with the CBDT indicating the collections to be "very good" and may touch an estimated Rs 40,000-Rs 50,000 crore.

15 Sep 2016

Income Declaration Scheme: I-T offices to remain open till midnight on Sept 30

The taxman will undertake a midnight vigil on September 30 as CBDT has directed the Income Tax department to keep their offices country-wide open in order to receive declarations under the domestic black money window - the Income Declaration Scheme (IDS).

15 Sep 2016

Income Declaration Scheme: I-T offices to remain open till midnight on Sep 30

The taxman will undertake a midnight vigil on September 30 as CBDT has directed the Income Tax department to keep their country-wide offices open in order to receive declarations under the domestic black money window - the Income Declaration Scheme (IDS).

Central Board of Direct Taxes

09 Sep 2016

Govt extends return filing date for large taxpayers to Oct 17

Revenue Department has extended the date to October 17 for filing of tax returns by assesses who are required to submit audited accounts in view of the ongoing income declaration scheme (IDS-2016).

18 Aug 2016

Blackmoney disclosure:I-T dept not to question valuer's report

The valuation report from a registered valuer will not be questioned by the income tax department for disclosures made under the domestic black money compliance scheme, the CBDT clarified on Thursday.

23 Jul 2016

Govt aims to make India ''tax paying, not tax evading'' society: Arun Jaitley

Union Finance Minister Arun Jaitley on Saturday said the government`s policy with regard to direct taxation is very clear, adding the ruling dispensation aims to gradually nudge the system to make India a tax paying society and not a tax evading society.

18 Jul 2016

CBDT prepares 9 lakh special cases; to confront taxpayers

The CBDT on Monday cautioned lurking stash holders saying it has prepared a database of about "nine lakh pieces" of instances of high-value transactions and it will soon "confront" them with this information as part of its exercise to ensure timely declarations under the ongoing one-time black money window.

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