Mumbai, Feb 12: The Income Tax department's Criminal Investigation wing has identified 2,000 Indian citizens who hold properties in Dubai but had failed to declare it in their IT returns.
In its ongoing crackdown on black money, the agency has identified Indian citizens who purchased properties in Dubai but failed to declare and explain the source of funds used to purchase these properties.
In the past few years, people have used shell companies to route illegal money and buy overseas properties to evade income tax.
However, the tax department has now increased its efforts to track down those involved in major tax evasion cases.
The 2,000 persons and companies identified mainly include businessmen, top professionals, and government officials.
The IT department will initiate action against the accused under the Black Money Act.
Citizens who own properties outside the country but fail to declare the source of funds or income used for the purchase could be prosecuted under the Black Money Act.
Under Section FA (Foreign Assets) of the Income Tax Act, an individual has to declare purchase and ownership of properties, assets, companies owned outside the country while filing the income tax returns annually.
In the recent drive against black money, the IT department identified 2,000 Indian nationals who failed to provide information on the same while filing IT returns.
Of the 2,000 citizens owning properties in Dubai, around 600 could not furnish details regarding purchase details.
Those who haven't been able to explain the source of funds used for the purchase of properties could be prosecuted and their properties can be attached by the agency.
Other than the attachment of the property, they can face a monetary penalty up to 300 per cent of the property value and also face imprisonment under the Black Money Act.
The properties owned by Indians in Dubai raised red flags as this pattern of parking money is used by money launderers, smugglers, underworld gangsters and drug traffickers for making payments.
It is worth mentioning that of the 2,000 citizens identified, most are residing in Mumbai, followed by Kerala and Gujarat.
The clause under section FA (foreign Assets) came into effect in the year 2011-12 and it is mandatory for people owning properties outside India to declare it in their IT returns.
Those identified by IT department could also face action under FEMA (Foreign Exchange Management Act) by the Enforcement Directorate under Section 4.
Recently the Enforcement Directorate (ED) launched a crackdown on black money parked overseas by tracking and identifying immovable assets bought overseas by Indian nationals illegally.
The move is being carried out under rules laid down under Section 4 of FEMA (Foregn Exchange Manipulation Act), 1999. Section 4 of FEMA states that no person resident in India shall acquire, hold, own, possess or transfer any foreign exchange, foreign security or any immovable property situated outside India.
On January 17, the Enforcement Directorate (ED) conducted searches at the residence of a former chief engineer of Brihanmumbai Municipal Corporation (BMC) in connection with an inquiry related to FEMA.
In the raids, the ED officials recovered documents related to the purchase of a property in Dubai in an allegedly illegal manner.
The ex-BMC chief engineer was posted with some of the most crucial wings of the municipal corporation -- the building proposal department and development plan department.
The agency did not disclose the name of the ex-BMC chief engineer but it has been learnt that he had superannuated around seven years ago from the municipal corporation.
ED, in a statement, said incriminating documents with regard to illegal acquisition of a property held in Dubai was recovered during the search operation.
The former BMC chief engineer has stated that he had purchased the property in Dubai at 'Park Island, Bonaire Marsa, Dubai' for Rs 70 lakh in 2012. The property is held jointly in his name, his spouse and son.
The retired BMC officials could not furnish any documents which would help ascertain the value of the property and also could not provide details on how the payments were made to buy the property in Dubai.
The citizens identified by the IT department recently also adopted a similar route to buy property in Delhi. It remains to be seen how the income tax department plans to penalise them.
Comments
VHP are the most jobless people on earth. If they want to do social service..there are a hundreds of things they can do..and it's a very sad reality that these VHP people who are \so called hindus\" haven't read a page of their Scripture..it is their Hindu scripture that tells them to eat beef and other non veg. This clearly shows their level of knowledge. This is all a drama!because I have met so many hindus (I don't lie because I fear Allah) who eat beef..And even Christians who are no where in this beef issue. And i even know of these SAME NATAK HINDUS WHO PUT A NEW BORN MALE CALF INTO GOBAR GAS TANK BECAUSE THEY THINK MALE CALF ARE OF NO USE."
Is it mr true Indian ?,cmon give me a break. First learn English then advice me..from.which wahabist madrasa you learnt English .first learn the difference between \ leaving \" and \" living \" .then advice .sorry I am not a voter in US .if mr trump wins the election .I will be more happy because he knows how to handle Islamic terrorism wel . I am okay with racial profiling and I never met intolerance in this alien land ."
@Ahmed
When trump kicks u out from usa. What u will do. U r leaving in USA. But ur english is very poor.
@Ahmed fake.
ur usa funding and created terrorists. Shame on u.
Just type hilary clinton and taliban on utube. U will get the answer.
I never tried to divide. I tried to unite.
Pork carries lots of diseases an
Mr True Indian .don't talk like nonsense. I doubt you are an Indian.when we live in multi religious society we must respect others faith. If not becoz bastards like you .society gets divided.I clearly say its becoz of people like you sangh parivar is getting into violence mode .are you aware of cheddis power these days ? Come here and see.no no ...I don't think you will get not even tourist visa with your attitude for USA.whether you accept it or not ..100% sure Mr Modi will bring uniform civil code and we will be in real mess thereafter .so always advice respect other faiths .let's keep religion within home and private and outside let's live like Indians.Hindus take out hides from dead animals .do you know that ?...beef meat means buffalo meat also ....there is no restriction for them to eat it .PFI blocked?,I don't think so. They are having free time becoz of congress govt .moment table turns real problem will crop up. We must never underestimate cheddi log .even though I don't endorse them .its the fact .now they are more powerful than before .we might glorify PFI kfd and CFI .but we must know and predict our future positions.certainly we will have more problems if we allign with wahabist mentality groups in coming days.
Bopanna
But we dont eat. Have u seen a single muslim who ate pork. But i have seen many cheddies who eat beef and pork.
Pork is the only animal on earth which eats his own shit.
Pork eaters are also called as shit eaters. Ru pork's shit eater.
What about serving pork to Muhammad and all of you ,?
chaddis are with a intention to spoil youngsters life.
i/o of doing public welfare.
If one visit beef serving hotel it's real fun to see chaddis enjoying beef
Y don't u guys BAN export of beef which has increased
hahahaha look at one of he guy's comment(mainly we have to destroy bunder), for your kind info couple of years ago BEEF MANDI was under he hands of few hindutva activists, why didnt u destroy then ?
these people give big dialogues about go maathe and all and when they boose they make sure that they have a plate of beef fry.
HYPOCRITES.
Go and tell Modi to stop exporting cow meat.....before start killing innocent human kind....you don't have value and respect towards human kind....heartless creatures....killers of Mahatma Gandhi....
Yes you are right ....................Great result ...finally forced to change the tactics .....after Great resistance from Popular front of India and its allies such as Komu souarda vedike and like minded people and all other 95% Indian Citizens ...these fanatics agreed to change the tactics ...Jai Ho ........
WE CAN DO IT.......5 % Fascists V/S All other Sound Minded . Days are near when these Fanatics are dragged into the prison or to rehabilitation centres .
Vishwa hindu Pakistan
These coward people dont have guts to ban beef in goa.
Kick these vhp to pakistan. Police is not able to catch thogadia. How can they catch dawood.
Sachin Tendulkar’s Ferrari car. Udhav Tackrey’s Mercedes car. Baba Ramdev’s many luxurious car's interior are made from gau mata.
replace their car seat with steel chair.
And many luxurious brands in india like channel louis vuitton burberry gucci etc. most POLTICIANS use it. Are made from gau mata.
First look at ur own family member. Might fallen in love jihad.
How u people will survive without beef with alcohol.
Cheddis are known for their deception
Even after they were caught red handed by their own act of love jihad and cow Stealing, they are giving this shameful statements.. In future we will see this cheddis will be trapped in their deception again..
They think people are still fools accepting what they want .. But I wonder why dont some fools still dont understand this game of deception from the deceivers who learnt their lessons from the greatest deceiver on earth, the zionist... who will dump Indians as well as dump the cheddis with their evil acts...
u cannot stop anything in india, india will be the safest place for all like us.
banning caw slaughtering its just a dream.
for coming 100 or 1000 years, u cannot stop cow slaughtering, its our right we will eat till our death.
yes mainly we have to destroy bunder in this case
Hope at least your new strategy will stop beef export!!!
wow good news. Jai hindu rastra.
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