The Income Tax Department’s Income Declaration Scheme 2022 that just ended on September 30 has generated a whopping Rs 62,500 crore from those with black money, leading to tax windfall of close to Rs 29,000 crore for the government.

However, the general amnesty for hoarders of currency - those with undeclared assets in their names as well as in other's names (activities which form the bulk of the parallel economy in India) is being criticised for being too lenient a scheme, one that does not contribute to the growth of the economy.

However, the general amnesty for hoarders of currency - those with undeclared assets in their names as well as in benami names (activities which form the bulk of the parallel economy in India) is being criticised for being too lenient a scheme, one that does not contribute to the growth of the economy.

The IDS has been announced by the Narendra Modi government at a time when the opposition has been questioning the intention to fulfil the electoral promise of bringing back black money stashed abroad.

The one-time scheme has been widely advertised in newspapers and electronic media as a “no questions asked scheme that will be kept secret and easy way of converting it to white.” Those opting for it will also enjoy total amnesty as it will not be linked to either previous or future I-T declarations.

Information gleaned from Income Tax Department reports suggests that the IDS was announced keeping in view a nationwide 90 lakh undisclosed high value transactions that have been tracked, of which seven lakh ‘highly suspect’ cases have already been identified. They are mostly real estate purchases where chances of undervaluation is very high as often the market rate and the minimum registration value is 50 percent to 300 percent lower, especially in high growth areas such as Gurgaon, Bengaluru, and Pune.

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An I-T officer on condition of anonymity said a high number of people engaged in the business of being professional politicians or running organisations connected to this profession form a large proportion of evaders. Next are those in the construction industry, those running educational institutes, mining, hospitals, fleet operators, followed by commission agents of all kinds engaged with businesses such as defence deals, company takeovers, exporters who file for exemptions, and those showing their profession as farming. “There have been more than 850 high profile raids on prominent people in the last year or so. Due to this active process, we expect 100 times the number to opt for this IDS scheme,” he said, but refused to give numbers on how many have opted for it so far while the scheme ends on September 30.