Voluntary Disclosure of Income Scheme

Voluntary Disclosure of Income Scheme
Country	India
Closed	31 December 1997 (1997-12-31)

The Voluntary Disclosure of Income Scheme (VDIS) was a very unconventional but successful step among Indian economic policies. It would give an opportunity to the income tax or wealth tax defaulters to disclose their undisclosed income at the prevailing tax rates. This scheme would also ensure that the laws relating to economic offences would not be applicable for those defaulters. Over 350,000 people disclosed their income and assets under this scheme, which brought a revenue of ₹78 billion (US$980 million) to the Indian finance ministry. The scheme was closed on 31 December 1997. The Union Finance Minister P. Chidambaram hoped, "It is my faith that given a chance, the people of India (would) come clean of the black money."

Palaniappan Chidambaram, then Union Finance Minister

Controversies

VDIS granted income-tax defaulters indefinite immunity from prosecution under the Foreign Exchange Regulation Act, 1973, the Income Tax Act, 1961, the Wealth Tax Act, 1957, and the Companies Act, 1956 in exchange for self-valuation and disclosure of income and assets.^[1] The Comptroller and Auditor General of India condemned the scheme in his report as abusive and a fraud on the genuine taxpayers of the country.^[2]

References

↑ "Archived copy". Archived from the original on 3 March 2016. Retrieved 26 February 2015.{{cite web}}: CS1 maint: archived copy as title (link)
↑ Cut your tax bill to just 2-3%

Taxation in India
Taxes	Central Excise Duty Goods and Services Tax Income tax in India Securities Transaction Tax Service tax Value-added taxation
Bodies	CBDT Chairperson, Central Board of Direct Taxes Investigation Division of the Central Board of Direct Taxes Central Board of Excise and Customs Chairperson Central Board of Excise & Customs Income Tax Department Central Economic Intelligence Bureau Directorate of Revenue Intelligence Tax Administration Reform Commission
Legislations	Benami Transactions (Prohibition) Act, 1988 Expenditure Tax Act, 1987 Finance Act (India) Gift Tax Act, 1958 Interest Tax Act, 1974 The Income-tax Act, 1961 Wealth Tax Act, 1957
Schemes	Income declaration scheme, 2016 Pradhan Mantri Garib Kalyan Yojana Voluntary Disclosure of Income Scheme
Compliance	Income Tax Returns ITR-2 SUGAM ITR-4S Indian tax forms Tax Collected at Source Tax Deducted at Source Tax Deduction and Collection Account Number
Notable cases	Cairn Energy and Government of India dispute

Government Schemes in India
List of schemes Welfare schemes for women Poverty alleviation programmes Subsidies Social security Food security
Active
Schemes	Antyodaya Anna Atal Pension Ayushman Bharat Beti Bachao, Beti Padhao Deen Dayal Upadhyaya Antyodaya Deen Dayal Upadhyaya Grameen Kaushalya Deen Dayal Upadhyaya Gram Jyoti Direct Benefit Transfer DigiLocker Garib Kalyan Rojgar Abhiyaan Heritage City Development and Augmentation Integrated Child Development Services Income declaration JAM Yojana Khelo India Pravasi Suraksha Midday Meal Scheme Local Area Development National Infrastructure Pipeline National Pension System National Social Assistance Scheme National Service Scheme Post Office Passport Farmer Income Protection Scheme (PM AASHA) Adarsh Gram Gramin Awaas Awas Digital Health Mission Gram Sadak Jan Dhan Krishi Sinchai Matsya Sampada Matritva Vandana Shram Yogi Mandhan Ujjwala Bhartiya Jan Aushadhi Garib Kalyan Garib Kalyan Anna Yojana Jeevan Jyoti Bima Kisan Samman Nidhi Suraksha Bima Sansad Adarsh Gram Saubhagya Soil Health Card UDAN Ujwal DISCOM Assurance Unnat Jeevan
Missions	Rejuvenation and Urban Transformation Indradhanush Education Climate Resilient Agriculture Manuscripts Health Anganwadi Auxiliary nurse midwife Accredited Social Health Activist Solar Translation Providing Urban Amenities to Rural Areas Rashtriya Madhyamik Shiksha Abhiyan Rashtriya Uchchatar Shiksha Abhiyan Remunerative Approach for Agriculture and Allied sector Rejuvenation Sarva Shiksha Abhiyan Smart Cities Mission TB-Mission 2020
Projects	Agriculture MMP Bharatmala Indian Rivers Inter-link Operation Flood Sagar Mala project Setu Bharatam Urja Ganga Gas Pipeline Project
Campaigns	Accessible India Campaign Digital India Make in India Skill India Standup India Startup India Swachh Bharat Mission
Identity	Aadhaar Business identification Passport Permanent account Ration card Unorganised Workers Voters
State	AP Annadatha Sukhibhava TG Mission Bhagiratha T App Folio GJ Jyotigram Vibrant Gujarat MP Global Investors Summit Ladli Laxmi MH Mahatma Jyotiba Phule Jan Arogya Magnetic Maharashtra OR Ahar Biju Krushak Kalyan Madhu Babu Pension RJ Bhamashah UP Global Investors Summit TN Global Investors Meet
Closed/Subsumed
Schemes	Bharat Nirman National Urban Renewal Kasturba Gandhi Balika Vidyalaya Kishore Vaigyanik Protsahan Rural Livelihood Finance Development Fund Rashtriya Swasthya Bima Tuberculosis Control Sampoorna Grameen Rozgar Voluntary Disclosure of Income

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