The bold decision of a surgical strike taken by the Modi government against terrorists from Pakistan has left a strong impact on the mindset of Indians, especially the tax evaders.

Deadline for Indians to disclose their hidden black money under Income Declaration Scheme (IDS) 2016 is over. Sources in the Income Tax department have told India Today that according to the final figures, black money to the tune of above Rs 65,000 crore has been collected from across the country.

Also read: Income Tax department to intensify crackdown on tax defaulters post Sept 30

The department will recover tax worth around Rs 30,000 crore in its kitty (at 45 per cent) on the declared amount.



MUMBAI RANKS SECOND



Andhra Pradesh has surprised taxmen by beating financial capital city Mumbai to become the state from where the maximum black money has been declared till now. "In the last few hours, an individual in Hyderabad came with a declaration of Rs 10,000 crore, taking the total amount of black money declared in Andhra Pradesh to Rs 13,000 crore", an official said.

Till the afternoon, Mumbai was topping the list, but now stands second with a declared sum of Rs 8,500 crore black money. In fact, sources say two to three declarants till Friday evening came forward with a four-digit amount.



Interestingly, Delhi and Gujarat are closely contesting for the number three position, as both states have recovered an amount of Rs 6,000 crore. As much as Rs 4,000 crore has been collected from Kolkata.



Also read: Income Tax department looks at 14 lakh high-value transactions made without PAN

It is important to note that these are approximate and not exact numbers, and the figures could change after midnight when the deadline of IDS gets over. The official data of black money declared in the country would get released by Saturday morning.



JAITLEY TO HOLD PRESS CONFERENCE

Central Board of Direct Taxes or CBDT will issue a press statement on Saturday with specific numbers and details on the collection of black money. Finance Minister Arun Jaitley will hold a press conference on the same subject at around 3 pm and is likely to highlight the success of the Income-Tax department and the Modi government in collecting black money on such a large scale.

However, these figures are much higher than expected, especially when the IDS is being compared with the earlier amnesty scheme of 1997. The then government was able to attract black money disclosure of Rs 33,000 crore with 30 per cent tax and no penalty.

CARROT AND STICK POLICY



The fact of the matter is the 'carrot and stick policy' of the Income Tax department has really worked on the ground. In the whole of September, at least 20-30 random surveys were conducted by the department on a per day basis across cities. The authorities directed tax evaders to participate in the IDS by luring them with benefits or threatening them with prosecution and penalty after the scheme gets over.

This instilling of fear by the I-T department in the minds of tax evaders has clicked and helped the Centre collect black money at this level.