Black Money – Domestic and International Efforts

Rs. 65,250 cr. mopped up via new black money window

  1. What? Union Finance Ministery announced that the Central Board of Direct Taxes (CBDT) had received total disclosures of Rs. 65,250 crore under the Income Disclosure Scheme, 2016 in the form of cash and other assets
  2. The four-month window under the scheme for declaring undisclosed income or black money that had escaped assessment closed on 30th Sept midnight
  3. Earlier: The Voluntary Disclosure Scheme of 1997 had mopped up Rs. 9,760 crore in taxes at an average of about Rs. 7 lakh per declarant
  4. The VDS, unlike IDS, had not penalised the declarents and allowed them to value the assets declared at the market prices of 1987 rather than current rates
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