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    Income Tax Disclosure Scheme evokes Rs 65,250-crore declarations

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    Finance Minister Arun Jaitley announced  that Assets worth Rs 65,250 crore have been declared by 64,275 people under the latest Income Tax Disclosure Scheme, with scope for some marginal upward revision once the full tabulation is completed.

    Given the tax rate and penalty of 45 per cent, this can potentially fetch the government a little under Rs 30,000 crore.

    Briefing reporters on the scheme, which was available from June 1 till the midnight of September 30, the finance minister said the tax authorities were still tabulating the declarations, both in physical and electronic form.

    “So this (declarations) could be revised upward once the full tabulation takes place,” Jaitley said, adding that the money collected would go into the Consolidated Fund of India and will be used for social security purposes.

    We won’t give any specific information on tax declarants

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