As the last date for Income declaration Scheme nears, Government started mounting Pressures by Income Tax raids across Country
Nothing works like fear psychosis. And nobody knows better than our Modi Government and our Income Tax Department officials
As the much touted Income declaration scheme is about to come to an end in next 7 days, the pressures are on throughout country to make people opt for it. As the Government has repeatedly declared that the scheme will not be extended and extending the scheme will send wrong signals, the Income tax department is aggressively raiding various assessees in various cities as Chandigarh, Ludhiana
Income Tax Raids are on across the country on various establishments especially those known to be dealing in black money as Jewellary, realtors, Eateries etc
Sectors being raided are Jewellers, Realtors, Eateries etc Most of the assessees being raided are from trades known to be dealing in black money like jewellary, realtors, steel companies etc.
Surprising, no big name has been raided so far, is it because the big names are able to hoard their black money “in a professional way” to escape the easy detection?
Government claims to have identified about 1 lac such Assessees There is no doubt that the IT systems in the country and as being deployed by Income Tax department are very strong to detect and evasion. Lacs of notices are being issued to assessee asking specific information about the source of cash being deposited in their accounts, details of sale or purchase of the property, expenses on weddings etc.
The raids are showing results too. Though the department has not issued any official figure of the money declared so far, it is learnt that raids in Raipur, MP only led to assessees declaring money worth Rs 95 Crore
Tip of the Iceberg? Nay….The iceberg is not so small to have tip of Just Rs few hundred crores.
Declaring the money under the scheme means paying about 50% of the undeclared money you have and there would be large number of assessees having undeclared income who could be banking on their stars that they may not be raided
STOP PRESS: Latest news coming in is that Income Tax Department have raided many eateries selling Vada Pav etc in Ahmadabad and Mumbai. It is learnt that the department has identified about one lac such traders across the country to be raided. All this to create pressure or fear psychosis to declare the black money
Surprisingly, the department has not raided any big broking house, a sector also notorious for hoarding black money?