Tag: Income Declaration Scheme (IDS)

Income Tax department raids roadside eateries, small businesses to make declaration scheme a success

Mumbai: The Income Tax department is leaving no stone unturned in its bid to make the Income Declaration Scheme (IDS) a success. With less than 10 days to go before the September 30 deadline, small businesses and roadside eateries, many of which have never seen an IT officer before — are the late…

Small businessmen wary of retro tax demand under GST mechanism

The Goods and Services Tax (GST) has been heralded as India’s biggest reform since the 1991 liberalisation but one aspect of it has made certain small businesses nervous. Given that it will be virtually impossible to escape the tax net once the new levy is implemented, will this make them f…