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Voluntary Disclosure of Income
Voluntary Disclosure of Income. In order to recover black money, there is pressure on the government to launch a voluntary disclosure of income scheme (VDIS). However, the government is non-committal and has not taken any decision on it. Governments had offered five VDIS since 1951. Under these schemes tax evaders were given amnesty from prosecution if they came forward and declared their undisclosed income.
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In order to recover black money, there is pressure on the government to launch a voluntary disclosure of income scheme (VDIS). However, the government is non-committal and has not taken any decision on it. Governments had offered five VDIS since 1951. Under these schemes tax evaders were given amnesty from prosecution if they came forward and declared their undisclosed income.
The Voluntary Disclosure of Income Scheme was a very unconventional but successful step among the Indian economic policies. Over 350,000 people had disclosed their income and assets under this scheme, which bought revenue of INR 78 billion to Indian finance ministry. The scheme were closed on 31 December 1997. The last such scheme was launched in 1997-98 when the government got taxes worth Rs 10,000 crore. This was more than 12 times the total collection from earlier amnesty schemes.
In the 1997-98 scheme, nearly five lakh people declared their undeclared income. The value of assets declared was Rs 33,697 crore. Cash accounted for 50 per cent of the total assets declared, followed by jewellery amounting to 37 per cent. However, only 0.43 per cent of the declarants made disclosures of `1 crore and above.
However, a person in whose case a search under section 132 of the Income Tax Act has been initiated or where books of account, other documents or other assets have been requisitioned under section 132A will not be entitled to make a declaration in respect of the previous year in which the search was made or any earlier previous year. VDIS succeeded more than the India finance ministry expected. Over 3,50,000 individuals, with a sprinkling of companies and firms, disclosed their undisclosed incomes.
Sequestered assets worth was over Rs 260 billion. With tax levied at 30 per cent of the disclosed asset, the inflow of around Rs 78 billion to the treasury is a good one-fifth of what the Government had collected in direct taxes in the past financial year. Watching the success, the then Union Finance Minister, P Chidambaram commented, "It is my faith that, given a chance, the people of India come clean.”
