A week after the Income Tax Department raided the roadside eateries across the country, owners of such premises in and around Mumbai have come out with undisclosed income amounting nearly Rs 50 crore.
People who are aware of the matter placed the estimation of tax to be paid by these eatery owners at Rs 22.5 crore.
The development follows the raids by the Income Tax Department in over 200 eating joints all over the country.
Till Thursday, around Rs 40,000 crore had been declared under the black money scheme by the government.
Under the scheme, strict action, including imprisonment, will be taken against those black money holders who do not purposely disclose their unaccounted wealth by September 30.
The Income Tax department has already identified 90 lakh high value transactions without PAN. As part of the scrutiny, the department will initially issue 7 lakh letters to those who have indulged in such transactions seeking their details.
According to the IDS, those who disclose their income after September 30 will have to pay a penalty of 300 per cent on the tax levied on the undisclosed income.
