Black money worth Rs 2,700 cr declared by Punjab, Haryana and other north-west regions under IDS

Three days after Finance Minister Arun Jaitley on Saturday disclosed consolidated black money assets worth Rs 65,250 crore by 64,275 declarants countrywide, region-specific numbers are now on the anvil. [caption id=“attachment_2719292” align=“alignleft” width=“380”]  PTI[/caption] Under the Modi-government’s one-time compliance window of Income Declaration Scheme, the income tax department revealed that the North-West region comprising states of Punjab, Himachal Pradesh, Jammu and Kashmir, Haryana and the Union territory of Chandigarh declared undisclosed assets worth around Rs 2,700 crore, The Tribune report said. The government is expected to earn taxes of Rs 1,215 crore from this disclosure, according to the Tribune. Citing senior officials, Punjab reported that the scheme netted black money worth Rs 1,300 crore, while Haryana registered undisclosed assets of Rs 800 crore and Jammu and Kashmir Rs 250 crore. Chandigarh reported undisclosed assets of Rs 200 crore and Himachal Pradesh Rs 150 crore. In Punjab state, maximum disclosures came in from the cities of Ludhiana, Jalandhar and Amritsar, the report added. “The figures cannot be disclosed as categorically said by the finance minister. However, the scheme has been an overwhelming success. We congratulate and thank all taxpayers of Punjab for taking advantage of this Scheme and making it a success,” the Times of India report said quoting chief commissioner of income tax (CCIT), Punjab Binay K Jha. Andhra Pradesh and Telangana together declared Rs 19,000 crore, reported the The Times of India. The I-T department of Mumbai and Delhi region said disclosures to the tune of Rs 8,500 crore and Rs 8,300 crore respectively were made, while the states of Gujarat, Pune, West Bengal and Sikkim each yielded black money worth Rs 4,000 crore, the ToI report said. On Saturday, Jaitley said that Rs 65,250 crore of undisclosed assets declared in the one-time compliance window will yield Rs 29,362 crore in taxes to the government. Of this, half or Rs 14,681.25 crore will be accrued to this fiscal. “Some disclosures have not been tabulated… This figure could be revised upward once the final tabulation is done,” he had said at a news conference. Last year, under a similar scheme for foreign black money holders, 644 declarations of undisclosed foreign income and assets were received, and just Rs 2,428 crore was collected in taxes. With PTI inputs