Prime Minister Narendra Modi on Saturday praised Finance Minister Arun Jaitley and his revenue department team for their hard work that resulted in the “successful outcome” of Income Declaration Scheme-2016.
He also complimented all those who chose to be tax compliant in IDS-2016, which closed on Friday (September 30).
“This is a great contribution towards transparency and growth of the economy”, Prime Minister Modi tweeted, a day after the IDS-2016 scheme ended.
As many as 64,275 declarants opted for the IDS-2016, which had a four-month window beginning June 1 this year. In all, the total amount of undisclosed income now declared stood at ₹ 65,250 crore (provisional amount). The amount declared could be revised upward once all the declarations filed online and offline were fully compiled, Jaitley said on Saturday
Modi also praised Revenue Secretary Hasmukh Adhia and CBDT Chairperson Rani Nair and their team, stating that they have put in tremendous effort on all aspects relating to IDS-2016. “Congrats to them”, Modi tweeted.
The Government had provided illegal income and asset holders a one-time opportunity to come clean by declaring their undisclosed income under the four-month window and pay 45 per cent towards tax and penalty.