IDS ends, Rs 65,000 crore black money collected!


(Last Updated On: August 6, 2019)

As per top IT officials, Rs 65,000 crore worth black income has been declared countrywide from the IDS scheme which ended yesterday. The department will recover tax worth around Rs 30,000 crore in its kitty (at 45 per cent) on the declared amount.

Andhra Pradesh has surpassed all other states from where the highest declaration of the black income is made even beating Mumbai which comes second.

Finance Minister Mr. Arun Jaitley will hold a press conference on the same subject at around 3 pm and is likely to highlight the success of the Income-Tax department and the Modi government in collecting black money on such a large scale.

Source:http://indiatoday.intoday.in/story/income-tax-department-black-money-undisclosed-income-income-declaration-scheme-tax-evaders-arun-jaitley/1/777505.html

Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.