Indian Govt. has been trying hard to bring everyone pay their taxes and be accountable to their incomes before the Income tax dept. Govt. says that this is to get the black money pockets and people with it out into open space. Under this IncomeTax Declaration Scheme (IDS) has been introduced.
Under this scheme, IT dept has been raiding well known and famous eateries in Mumbai, New Mumbai and Thane and this has brought out good results. Few owners of these eateries have declared income on properties and cash in hand close to 50 crore Indian Rupees.
This is by means a biggest road to prove for our decades of belief that road side businesses make lot of money in savings and avoid income tax which many salaried people pay.
Also, note that middle class group is the biggest group in India and they are the people who pay largest section off the income tax share that the govt gets from individuals.
However, many personal tax advisors for these vadapaav, paav bhaaji sellers hear is that they might face a lot of harrasement in the future. Few of the tax analysts have advised their clients to throw big and grand parties and spend the cash reserves so that they end up paying normal income tax and avoid harrasment.
Disclaimer: Original news published in Economic Times. The content is self curated by me for this blog. Only facts are picked up from the paper article. Image from quora.
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