Through the Union Budget 2019-20, the Government of India has proposed to bring back into effect the Income Disclosure Scheme (IDS), 2016 which was also known as the black money declaration scheme, The Economic Times.
The government aims to bring back the scheme for a specified category of people who had declared unaccounted income possession under the scheme but not paid up the tax, surcharge and penalty imposed over them by the due date.
As per the budget, such persons would also have to pay the government an interest of a per cent per month, along with the entire due amount within a said date to be notified by authorities.
The IDS had first come into effect from 1 June 2016, and provided the persons who had hidden income in possession to come forward and declare their undisclosed income and assets. The last date upto which the declarants had to pay the tax, penalty and surcharge originally was 30 September 2017.
The scheme had amassed as many as 64,275 declarations with an aggregate amount of Rs 65,250 crore worth of undeclared incomes in the form of cash and other assets.
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