You won’t believe the kind of people who just declared their black money. And, they’re not businessmen or million dollar firms

In a bid to avoid embarrassment in future, professionals who used to work overseas declared unaccounted wealth. The total sum declared by doctors, engineers and managers amounted to Rs 4,147 crore.

However, the amount was still less that the expectations of the government.

The declared money was more than the number of filings made by companies, trusts, etc.

Experts pointed out that these professionals declared assets out of fear and wanted to be safe in all aspects.

Tax advisors said Indians who have come back declared income and investments made when they were abroad.

They also pointed that the profile of assets had changed that was declared.

"In 1997, under the Voluntary Disclosure of Income Scheme (VDIS), a lot of people had declared gold, cash and even property. This time around, most people declared money in bank accounts and shares of companies they held," said an expert.

Total 638 people declared Rs 4,147 crore of previously undisclosed foreign assets during the three-month compliance window, which ended on September 30.

Reportedly, the highest declared amount by an individual was Rs 200 crore.

The government has warned those who didn't declare their unaccounted assets during 90-day period should be ready to face the consequences. This includes penalties and prosecution. The law makes wrongdoers liable for rigorous imprisonment of up to 10 years.

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