The low collection is against the Rs one trillion target set by the government, according to sources in the Income Tax department. Disclosures under the second tax amnesty scheme (IDS-II), which is closing tonight, have turned out to be a damp squib, with Mumbai region netting under Rs 500 crore while the total adding up to less than Rs 13,000 crore from across the country. The low collection is against the Rs one trillion target set by the government, according to sources in the Income Tax department. Mumbai tax officials said the low declarations at under Rs 500 crore from the city, which contributes more than 33 per cent of total Income Tax collection, is surprising. "We believe the disclosures under the Income Tax Declaration Scheme-II so far would be somewhere near Rs 13,000 crore," a department official from New Delhi told(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)

Source: dna March 31, 2017 18:22 UTC