IDS disclosures may come down to Rs.55,000 cr

The total disclosure of unaccounted income under the Income Disclosure Scheme (IDS) is likely to be revised downwards to around Rs.55,000 crore, with less than expected tax coming in as the first instalment­­ which was 25% of the total tax obligation ­­ and some declarations being found bogus. The government received a little over Rs.6,700 crore by November 30 under IDS, which was far less than expected as the total disclosure was in excess of Rs.67,000 crore, according to revised figures released by the government.
The four-month IDS window closed came to an end on September 30 and allowed tax evaders to disclose their unaccounted assets with a flat tax and penalty of 45%.
As per the original disclosures, the Centre was expecting to net more than Rs.30,000 crore in tax and penalty . But, after receipt of the first instalment, the Centre estimates that the total disclosures would come down substantially. A senior income tax official said some of those who paid the tax by November 30 had fulfilled their entire 100% tax obligation. As per the scheme, 25% tax and penalty was to be paid by November 30, the next 25% by March 31and the remaining 50% by September 2017.
One of the biggest disclosures of around Rs.10,000 crore made by a Hyderabad businessman turned out to be bogus, besides two other big disclosures which were invalidated by the I-T department.
In a few instances, the department found that business rivals had filed fake disclosures about each other. The I-T official said the total disclosures may come down to Rs.55,000 crore or even lower as the department was investigating some cases in which tax had not been deposited.
In more than 700 search and survey operations since November 8, the I-T department found unaccounted income of over Rs.3,300 crore, which included seizure of more than Rs.500 crore in cash and jewellery . At least Rs.92 crore was seized in new currency notes of Rs.2,000.
The I-T department has constituted a seven-member committee to formulate a standard assessment procedure through e-scrutiny so that common taxpayers are not inconvenienced and the department maintains transparency and accountability .

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