Tens of thousands of suspected tax dodgers in India disclosed nearly $10bn of hitherto undeclared income and assets under a government amnesty on tax evasion.
During the four-month tax evasion amnesty window, which ended on 30 September 2016, 64,275 declarations were filed, the Ministry of Finance said in a press statement.
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“With the final stock taking of declarations being filed in physical printed forms all over the country till late night on the last day, this number is likely to be further revised upwards,” the statement added.
Earlier in 2016, the Indian prime minister Narendra Modi sent out almost 700,000 notices to suspected tax dodgers, announcing that they would not be pursued by authorities if they declared their ‘black money’ and paid a penalty.
Individuals availing the scheme have also been allowed to pay the amount in two installments up to 30 September 2017.The government has also ensured absolute confidentiality of the declarations made.
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By GlobalData
