Black money - Income Tax department raids vada pav, jalebi Stalls
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According to Economic Times, the IT department raided about 50 vada pav centres in Mumbai and Thane. The raids were also carried out at a dosa centre in Ghatkopar, a sandwich centre in Andheri and a jalebiwallah in south Mumbai. Raids were not conducted just in Mumbai and Thane, but in Ahmedabad, and at eateries and shops in New Delhi and Kolkata too.
The report said that the owners of the eateries were asked to declare black money under Income Declaration Scheme (IDS). "About 1 lakh small businessmen and shopkeepers have been identified by the government as possible evaders. It is also understood that the government has given targets for each city," a tax official told the daily.
Earlier this month, the Central Board of Direct Taxes (CBDT) had issued a fresh clarification exempting those who declare untaxed assets or income under the ongoing black money declaration window from enquiry during future raids.
The first instalment of 25% under the IDS 2016 will have to be paid by November, followed by another 25% by March 31, 2017. The remaining amount will have to be paid to the exchequer by September 30, 2017. Earlier the tax, surcharge and penalty under the black money disclosure window were required to be paid by November 30.
The scheme was announced by the government with an aim to bring out black money from the domestic economy. #casansaar (PTI - Economic Times)
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