Telangana Pipes AP in the Last Minute!

Telangana piped Andhra Pradesh in the last minute to be the state with the highest amount of black money declared under the Income Declaration Scheme rolled out by the Central government. Earlier, AP was topping the country but the last minute calculations revealed that Telangana topped the list crossing the total of Andhra Pradesh.

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A Family from Hyderabad declared a large amount of undisclosed income in the final hours of the scheme closing which helped the state to top the charts. About 7,000 persons declared their income in the two states. Black Money Hoarders in both the states declared about 16500 Crore and IT department will receive Rs 7425 crore towards tax from the Telugu states over the next 12 months under the scheme.

Those who declared the black money will have to pay 45% tax. It can be paid in three installments – 25 percent by the end of November, 25 percent by the end of March 2017 and the remaining by September 30, 2017. Across the country, 64275 People have come forward and disclosed 65250 Crore. This may bring about 30000 Crore as Tax for the Central Government.