Adjusted for inflation, the earlier scheme would have collected Rs 25,000 crore.
Finance Minister Arun Jaitley counter Rahul Gandhi's attack over issues related to the JNU, intolerance, inflation and foreign policy.
The I-T department will rely on data analytical tools and run models to separate black money holders and genuine taxpayers based on the large data base being shared by banks.
"The response (to the PMGKY) has not been so good...about Rs 5,000 crore of income was declared in PMGKY," Revenue Secretary Hasmukh Adhia said.
Finance Minister Arun Jaitley on Monday said the NDA government has done more work to fish out black money than any other previous government in a short span of two years and all efforts are afoot to book those who have not taken advantage of the disclosure scheme.
The PMGKY will not allow declarants to use claims made for refunds for advance taxes paid, tax deducted at source and tax collected under the scheme.
According to experts, declarations can be made with regard to capital gains or business income, which have escaped assessment
The crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years.
'While collections under the Income Disclosure Scheme explain it partly, indirect tax numbers not showing any effect of the withdrawal of high denomination currency notes was puzzling.'
The I-T Department had identified 1.8 million taxpayers in its Operation Clean through data mining and asked them to submit responses about the source of their deposits.
Under the scheme coming into effect from April 1, 2018, a donor could purchase bonds from authorised banks against cheques or digital payments. These would be redeemed only in the designated account of a registered political party.
A combination of reduced cash intensity, a focused strategy of tax administration and GST is the way to go, say Sakshi Gupta, Tanvi Garg and Abheek Barua.
Naidu on Wednesday said he has been supporting demonetisation, but added that problems arising out of the exercise "continue" as "we are going (about them) in a routine manner". "We have to take an innovative approach," he said, claiming that his remarks were "distorted by some".
The minister said any declaration made under the law will be protected
Looking for a way out, property developers deal in banned notes.
CAs not sure if individuals declaring unaccounted money will get immunity from reassessment as these provisions are not covered in the Bill.
If you are making any drastic changes, make sure there is adequate documentation
While the black money declarations may go up further once all the online and manual filings of undisclosed assets filed at the end of the four-month window on September 30 are compiled, the government will get this fiscal nearly Rs 14,700 crore or half of the total taxes due.
Sources said the government was keen to tax all unaccounted money deposited in bank accounts after it allowed the banned currency to be deposited in bank accounts during a 50-day window from November 10 to December 30.
The department gets data of high-value transactions under the Annual Information Return.
Amendments will be tabled in Parliament for approval by Monday or Tuesday.
Bank of America Merrill Lynch on Monday trimmed India's economic growth estimates by 30 basis points to 7.1 per cent for the current fiscal, while global financial services giant Morgan Stanley downgraded its GDP growth forecast for the current fiscal to 7.3 per cent from the earlier 7.7 per cent.
Imports in 2016 expected to be lowest in 7 years but experts don't rule out a revival in demand if the yellow metal's price falls
In the first tranche, the department will send out letters in 100,000 cases where the money spent is at least Rs 1 crore (Rs 10 million) each a year.
A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in Parliament shortly.
Demonetisation is not the end but the beginning of a "long, deep and constant" battle against black money and corruption and will benefit the poor and the common man, Prime Minister Narendra Modi on Tuesday said as the BJP parliamentary party passed a unanimous resolution endorsing his "great crusade".
'It is important to improve the quality of spending.'
'Gloom is nowhere in sight, with healthy foreign exchange reserves, a strong rupee, healthy tax collections, corruption and crony capitalism under check,' argues Gopal Krishna Agrawal.
Against estimates of black wealth of Rs 300 lakh crore and black money in cash of Rs 3 lakh crore by economist Arun Kumar, the PMGKY numbers fall short by a huge margin.
Poor performance of the banking, oil and exploration industries have impacted corporate tax collections.
Measures may include tax slab and rate revisions for individuals, companies.
Some initial reactions to Prime Minister Narendra Modi's announcement of demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight.
There are a couple of proposals, however, whose goals are not easily achievable.
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
There will be a review of employee compensation arrangement in the light of the new rules.
'Their vote bank has shifted to the BJP; the Congress is yet to realise it.'
The second fortnight of September saw Rs 3 lakh crore of time deposits, something unique, followed by liquidation of Rs 1.2 lakh crpre of these right after.
The economy could return to 8% growth by the end of 2017-2018, says Arvind Panagariya, vice-chairman NITI Aayog.
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