The Income Declaration Scheme-2016

By Accommodation Times News Service By CA Vimal Punmiya India has seen various Voluntary Disclosure Schemes under the Income tax and wealth tax Act in the past as under: VDS - Scheme No. of Declarants Income / wealth declared (In Cr) Tax collected (In Cr) 1951 20,912 70.20 10.89 1965 2,001 52.18 30.80 VDS(2)1965 1,14,226 145.00 19.45 1976 2,58,992 1,090.72 753.77 1997 4,70,000 ……. ……. Undisclosed Foreign Income and Assets, 2015 644 4,164.00 2,428.40  Keen to unearth black money, the government has