IDS 2016: Rs 65,250 cr blackmoney declared; PM Narendra Modi appreciates those revealing undisclosed income

A press conference was chaired by Finance Minister Arun Jaitley on 1st October to declare the Income Tax Declaration results.

About Rs 65,250 crore of blackmoney being declared under the Income Disclosure Scheme, Prime Minister Narendra Modi on Saturday appreciated those choosing to be tax compliant and termed it as a great contribution towards transparency and growth of the economy. 

"I compliment all those who chose to be tax compliant in IDS-2016. This is a great contribution towards transparency & growth of the economy," Modi tweeted, a day after the scheme, which had a compliance window of 4-months, came to a close. 

The Prime Minister complimented Finance Minister Arun Jaitley and his team at the Finance Ministry for the "hard work" resulting in the successful outcome of IDS-2016. 

He said Revenue Secretary Hasmukh Adhia, CBDT Chairperson Rani Nair and their teams had put in tremendous effort on all aspects relating to IDS-2016. 

(Also read: IDS 2016 Highlights: Jaitley says Rs 65,250cr undisclosed income declared; PM Modi congratulates finance ministry)

"Congrats to them", he added. Earlier, Jaitley said 64,275 declarations were made in the four-month window and this figure could go up once all the declarations filed online and manually are compiled. 

The money declared totals Rs 65,250 crore, of which 45 per cent would accrue to the government as tax and penalty.

The government had provided illegal income and asset holders a one-time opportunity to come clean by declaring their blackmoney under the four-month window and pay 45 per cent tax and penalty.