India is a country where the corruption is prevailing in every section. This include people hiding all of their income to prevent themselves from paying taxes. As per a report from the Times of India, the major tax receipt in the form of Income Tax were from the salaried people which means most of the business man are hiding their incomes. And this is happening a lot. That’s why, so that this situation can be handled, the government introduced a new scheme in which if those people declared their income, then those people can be pardon by paying 45% penalty on it. Apart from it, there will be no scrutiny over these declared amount.
This scheme bought in several achievements:
Total disclosed value amounted to Rs. 65,250 crores (as shared by Indian Government).
Which mean the government gained Rs. 26,000 crores from the transactions.
Income Declaration Scheme Analysis
I think that this scheme was a successful scheme. It was in a positive direction. It is one of the greatest scheme declared by the government. By earning Rs. 26,000 crores from this scheme, the government deserves a clap. It is a huge amount which most of the economists had not expected. The beauty of this scheme was the perfect execution. Hats off to Mr. Arun Jaitley.
Thanks for reading. This article was bought to you by Hamari Yojana, an initiative by a Political Science student and a CA student. Stay tuned for more articles like this.If you have any query, drop a comment down below.