"We estimate that cash and other assets worth around Rs 1,000 crore could be declared under the scheme. MUMBAI: Tax evaders and avoiders may not bite the bait of Prime Minister Narendra Modi's latest amnesty scheme and officials and consultants estimate the mopup to be only about Rs 1,000 crore, against Rs 33,339 crore declared way back in 1997.While there is no official figure released by the government, some tax officers in the know estimated only about Rs 1,000 crore are likely to be declared. In the past few months, many individuals with black money have rushed to their tax consultants for advice. What is the probability of each and every one who holds black money to come under the incometax net?" The current scheme caters only to domestic black money and is set to attract a tax rate of 45%.Tax amnesty schemes tend to be fallow ground except when announced at long intervals.

Source: Economic Times June 27, 2016 21:27 UTC