ahmedabad union finance minister arun jaitely has said that the central governments ambitious income declaration scheme ids is for disclosure of unaccounted wealth it does not provide for waiver of tax or penalty amount he said jaitley was speaking at an event organized to spread awareness about the ids at gujarat university convention hall on sunday gujarat cm anandiben patel was the chief guest at the event union finance secretary hasmuk adhia was also present this was the first awareness event for ids in the country to be undertaken by jaitley unlike past schemes under the ids a taxpayer has to pay penalty and cannot ask for reassessment of earlier valuation if we allow this it will be putting a premium on dishonesty and also be unfair to honest taxpayers jaitely said the centre had launched the scheme last month to provide those owning black money an opportunity for voluntary disclosure the taxpayer availing of this scheme will have to pay 45 tax 30 tax 75 penalty and 75 krishi cess further under this schemes assets will be assessed according to their market value on june 1 2016 the disclosed income will get exemption from property tax and the person will not be questioned under income tax or property tax laws