Jaitley says IDS last chance to legitimise undisclosed income

28 June, New Delhi

Union Finance Minister Arun JaitleyTuesday has asked the people having black money to declare their undisclosed income under Income Declaration Scheme, IDS.

Talking to reporters after holding a meeting with representatives of industry bodies to discuss black money in New Delhi, Jaitley said the last date, which is 30th of September, will not be extended.

He said, people can legitimize their ill gotten money by paying 45 per cent tax of their income. He added that any declaration made under the scheme will be confidential and it would not be shared with any other authorities.

The four-month window under the Income Declaration Scheme, which opened on 1st of this month, allows domestic black money holders to declare their ill-gotten wealth by paying a tax and penalty totaling 45 per cent.

The scheme applies to undisclosed income in the form of assets pertaining to Financial Year 2015-16 or earlier. The assets declared will be exempt from wealth tax. Further the person declaring the income will not be liable under Income Tax Act, and Wealth Tax Act.

Prime Minister Narendra Modi in his latest edition of Mann Ki Baat on All India Radio had asked the people to come forward and take advantage of the Income Declaration Scheme. He wondered how there can only be 1.5 lakh people with a taxable income over 50 lakh rupees in a country of a billion people.