Rs 650 crore black money declared in Agra region

AGRA: As Union finance minister Arun Jaitley announced on Saturday that the Central Board of Direct Taxes had under the Income Declaration Scheme (IDS), 2016, received a total disclosure of at least Rs 65,250 crore across the country, undisclosed income and assets worth Rs 650 crore were declared in Agra region during the four-month compliance window.
According to a senior officer of the income tax department in the district, the figure of Rs 650 crore could go up once all the declaration filed online and manually are complied.A large number of registrations took place in the last two days of the scheme. Of the total money declared, 45 per cent of it would be accrued to the department as tax and penalty. The people who have declared their black money have the facility to pay up in installments. Their identity will not be disclosed and they will be immune to any sort of legal action.
Anuradha Mishra, principal income tax commissioner of Agra region monitored the scheme. Special arrangements were made on the first floor of the regional office at Sanjay Place for registration for the scheme.
After relaxation of the norms related to compulsory submission of PAN card details and amendments in determination of value of old properties, there was a positive response towards the scheme. According to income tax officials, maximum number of businessmen turned up on Thursday and Friday. Suitable assistance and guidance was provided to them. Many also did online registration with help of charter accountants.
After the end of IDS scheme, the income tax department is planning to initiate action against those who have not disclosed illegitimate income under the scheme. The investigation wing of I-T department would conduct raids based to unearth black money. Meanwhile, I-T sleuths are examining the tax returns of city businessmen.
According to I-T officials, raids would focus on businessmen dealing in jewellery, running educational institutions and private hospitals, builders, shoe exporters and hotel owners.