Centre's Income Declaration Scheme so far, Finance Minister Arun Jaitley, declared Rs 65,250 crore in black or untaxed money has been disclosed by 64,275 declarants. The four-month window for tax evaders to come clean on black money had ended on Friday.
The Finance Minister, Mr Jaitley said the figure will be revised upwards as the tax department is still processing some declarations.
Launched on June 1, the scheme says those who had evaded taxes were given the opportunity to avoid punishment by paying tax, penalty and cess totalling 45 per cent of the undisclosed income. This means that the government will get around Rs 30,000 crore as tax revenue from the scheme.
The payments have to be made in three instalments till September 2017.