Dept. intensifies action on black money hoarders; raids roadside eateries to make IDS a success
The CBDT had notified Income Declaration Scheme (‘IDS’) with effect from June 1, 2016. The last date to file declaration under IDS is September 30, 2016. So, with less than 10 days left for the deadline the income tax department intensified its actions and raided small businesses and roadside eateries.
The income tax department has raided many vadapav centers, dosa center in Mumbai. Raids were also conducted in Ahmedabad and on well know shops in New Delhi and Kolkata. The department was asking owners to declare their black money under IDS.
The raids are based on information collected in the past six months. According to a tax official, about 1 lakh small businessmen and shop keeps have been identified as possible tax evaders in India.
Source: http://timesofindia.indiatimes.com