 "Taxmen hope black money declarations will touch Rs 50k cr")
With the rush over the last few days, income-tax (I-T) department officials are confident total declarations could range between Rs 30,000 crore and Rs 40,000 crore by the time window closes midnight on Friday.
They said if the sum promised by various quarters could also come in, the declarations would swell.
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However, the scheme would be a success if declarations worth more than Rs 50,000 crore were made, though Rs 40,000 crore would also not be bad either, they said.
Declarations worth Rs 40,000 crore would mean tax collections of about Rs 18,000 crore, as 45 per cent tax, cess and penalty would be imposed.
"The declarations have picked up pace significantly over the past two weeks, touching Rs 25,000 crore. If the promised sum also comes along, the scheme will be a success," said a government official who did not want to be named.
By mid-August only about Rs 4000 crore worth of declarations had come in.
The department, according to officials, had got a steep "informal" target of about Rs 40,000 crore to Rs 50,000 crore in taxes. This would mean disclosures of about Rs 1 lakh crore.
It conducted numerous searches and surveys and reached out to potential declarants.
"Targets should always be steep," said another official.
The department is banking on the promised sum by potential declarants in the one-to-one meetings with commissioners.
On allegations over taxmen targeting small shopkeepers and roadside eateries, the officials claimed one of those raided in Mumbai was found to have eight undisclosed properties.
"We are reaching out extensively to people. There is no harassment of any. We had reach-out programmes, one-to-one interactions, group interaction, and meetings with tax consultants. We also put up hoardings, and sent emails and texts. We are slowly getting the results for that," said the official.
The Central Board of Direct Taxes (CBDT) has spent Rs 100 crore advertising the scheme across the country.
The tax officers are working till 8pm on Wednesday and Thursday and till midnight on the last day of the scheme.
In the 1997 tax amnesty scheme, Voluntary Disclosure of Income Scheme (VDIS), the government had received Rs 33,000 crore in declarations.
In contrast, only about 644 declarations worth Rs 4,164 crore were made under the black-money window for foreign assets last year, resulting in tax collection of Rs 2,428 crore.
The stiff warning from Prime Minister Narendra Modi against black money holders earlier this month may have also acted as a trigger for people to avail the one-time scheme.
Modi, in an interview to a private channel, had said, "No one should blame me if I take tough decisions after the 30th (of September)."
According to tax consultants, the high tax rate of 45 per cent and concerns over confidentiality of declarations were key deterrents for black money holders.
The income declaration scheme gives a chance to domestic tax payers to declare undisclosed income or assets by September 30 and avail immunity from prosecution under the Income-Tax Act, Wealth Tax Act and Benami Transactions (Prohibition) Act.