gfiles magazine

November 9, 2016

IDS, a misconceived idea

The Income Disclosure Scheme (IDS) ended on September 30, 2016 and the gains and losses from it can now be assessed. According to Finance Minister Arun Jaitley, there had been a disclosure of Rs. 65,250 crore income with likely tax mop of nearly Rs. 30,000 crore. There is jubilation about the results, which have been compared to the outcome of VDIS (Voluntary Disclosure of Income Scheme) of 1997 where nearly Rs. 33,697 crore were declared with a tax collection of Rs. 9,760 crore.

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