Owners Of Roadside Eateries In Mumbai Declare INR 50 Crore Under Black Money Scheme

 

It was just last week that the Income Tax Department made an announcement about raiding roadside eateries. These small tiny businesses that thrive on curbs make thousands every day – yet nobody has questioned it before.A little before September ended, the IT Department ensured that they would investigate every nook and corner of this flourishing industry, and see what emerged. The next move was the notice that was sent to many roadside eateries, including a well-known vada pav centre in Thane, a dosa centre in Ghatkopar, a sandwich centre in Andheri and a jalebi wallah in south Mumbai.As a result, owners of roadside eateries in Mumbai declared about INR 50,00,00,000 in cash and properties under the government’s Income Declaration Scheme.

People aware of the matter confirmed that these owners would be asked to pay INR 22.5 crore on their previously unaccounted income.As of now, as many as 200 eateries have been raided.“The owner of a juice centre in Ghatkopar has declared about Rs 5 crore in cash and property under the IDS. Some other roadside eatery owners too declared Rs 25 lakh-Rs 2 crores,” said a source, who did not wish to be identified.   About Rs 40,000 crore had been declared under the black money scheme by Thursday evening, the source said.

Most of these eatery owners have possession of several properties across the city. In fact, one of them was just about to throw a lavish wedding party for his son’s marriage in Turkey. His tax advisors, however, stopped them from doing so, given the critical situation.“You can’t expect people to sell properties worth millions in few months, and many of these people now don’t have money to pay 45% on the value of the property,” a tax advisor said, requesting not to be named. 

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