Black money declaration: Income tax department deploys smart software to compile data

New Delhi: A special software, which smartly tabulates large mathematical data, was used by the Income Tax Department to calculate the total value of declarations that were made under the one-time black money compliance window.

Representational image

Sources privy to the late night operation at the designated I-T office here said as soon as the window closed at midnight yesterday, the software was activated to get the total number of people who made declarations and the amount declared.

The government on Thursday announced that 638 declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3,770 crore.

Also Read: Rs 3,770 crore disclosed before black money compliance window yesterday

The software has also indicated that the maximum number of declarations came from the western region of the country where large states like Maharashtra, Gujarat and Rajasthan are located.

“One of the single largest declarations is about Rs 180 crore while a number of others are of a relatively smaller value ranging between Rs 50 lakh and Rs 5 crore,” they said.

The sources, however, said these figures are largely “tentative” and a clear picture could be made out after sometime.

“The figures are subject to reconciliation as the data was compiled for a quick assessment overnight,” they said.

The sources added that the final figures were compiled early morning after which the top brass of the Central Board of Direct Taxes (CBDT) informed Finance Minister Arun Jaitley about the data.

with PTI

Posted by on October 2, 2015. Filed under Editorial. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.