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
hahaha howdu mama , mama helda avnu helidaage madrappa , research anthe kumda ...1400 years bere ... funny ... we have seen your law in ISIS . to rape non muslims how ur law was used ... fight maga , do onething .. first muslims show they practise 100% sharia , then we will believe ... 95% crimes , rapes , terrorism , cheating , fraud , chain snatching done by your community ... first role model agi amele nimma religion law na national law alla international law madana ... i was reading a funny groom requirement in one muslim matrimony website .. groom must grow very long beard anthe ... mama nin research prakara yaake mama? helappa .. beard gu dumtaka madkolodakku difference yenappa ...
Rasheeda can wear bikini in summer season it's best for you, like uncovered chocolate
In Islam TALAK(divorce) is not easy way. For Talak(divorce) should be pass from 3 stage. that's called 3 TALAK.
Some Muslims and Non Muslims thinking that, one who telling at a time 3 TALAK, TALAK is over. It is again shariya(LAW) and they donot fear Allah(s).
Muslim cannot give TALAK for simple issue. Allah(s) will punish those who are giving TALAK for simple issue and those who not follow correct way of TALAK.
Islam gives ways for couple who couldn't get together...In certain religion there is no such concept of divorce once they are married there is no way of separating till death ...In Islam talaq or divorce is discouraged...If the couple can't get together then it provide means to seperate through talaq...If once talaq is said it doesn't end in divorce in between there is way to reconcile,couples should try to keep aside their differences..Only if scuffle further continues then it is better way to get divorced rather than ending in violence..There is nothing called 3 talaqs in single setting..It is against the concept of talaq..There are people who misuse it..There is talaq and waiting time
For women there is concept of khula if the men doesn't look his wife well she can divorce him through Khula...
For those who comment with pseudoname on burkhah...Burkhah is not recommended...Islam only says cover your hair and body and be modest...If someone is unhappy they can go in khujrao style we are not forcing them..For men too there is hijab..I.e from top of navel till knee..Body of men and women are not the same.......Most of our women wear burkhah willfully..Not like a man forcing women and tying tali on her neck..which she has to carry the burden till her death
BCH & MCH .... Krishna polygamy? Venkatesha polygamy? I also polygamy. So what turkanna. Anything I am readyMCH. Rule must be same for all human beings.Every one who sticks to one God are fanatic MCH. so shut up.
Dear avinash, Your comments shows how ignorant you are. Please think and analyze. Hizab is required in public places not at home. This is for security and modesty of the women. Actually she is not suffering , the person who want to see her beauty or nudity is suffering. Please check the diffrence between the women who wear hijab and other with sari. In sari you can figure out everything about that women which usually men like you want. This is weakness of all the men.
Hijab also treats all the women at par. You can not differentiate her as white/ Black, rich or poor, what she wear costly one or cheaper one? I think hijab should applied for all the women irrespective of religion for the safety and modesty of the women.
Regarding Talaq & polygamy , We know , sometimes uncultured people misused and endangered to the life of muslim women .. but compared to misuse of human laws or any national laws , is misused very less ... even complaints by muslim women also very rare except some modern women by the influence any particular vested interests....
In a civil country , if anybody misused law , actions to be taken against them , banning it is not the solution...
Burkha , Hijab are the modest dress to pious people .. there is no compulsion to wear it , if you doesn't like , you may find , a lot muslims , who do not wear burkha or hijab... questioning others rights to wear is like..... I am prostitute ... demand for others also same....!
Now a days there is season of challenge done on Islamic rules ....
Good for NON MUSLIMS ... (Other wise there are some honest non muslims who are EAGER to know about the CREATOR, if such thing doesnt happen they will never know who is their TRUE creator)
Despite several reminders from Muslim leaders which they also quote from various religious scriptures that GOD is one and Worship him ALONE...
People are still not waking up for the message of ONE GOD. who created them and all that exists..
Now There are few leaders who challenge the GOD's law...
& We MUSLIMs expect that cos Prophet Muhammad pbuh said a Time will come when people dont know who is their CREATOR. and there will be many followers who will follow BLINDLY (Without even pondering HOW they Got this LIFE, What is the purpose of LIFE and living a life of UNAWARE)>>> It is happening infront of our EYES in the present age..
If we study sharia law.. We will never complaint on its wisdom.. But When the ignorant leaders make bow bow many who doesnt know or read about sharia law are all clapping the hand and queing up to jump in DARKNESS>>>
Study SHARIA LAW and know who is the CREATOR.
Know one thing GOD is most merciful... He gave many chances to Pharoah, the most evil person who tortured the people of MOOSA Pbuh during his time... We should read about his END
We should escape the END result... which will show the real MARKS whether you Passed or NOT.
Know the rule of the CREATOR and STop your following BLINDLY
Hmm.. Not Surprising, the Central Govt. Panel (moderated by VHP ) is keen on enforcing a law like this.
Dear Sanghis, remember the song in kannada - \ Naari ya Seere kadda, Radheya Manava Gedda, Kallara Kalla KRISHNANU..\" :-D
And they want ban on polygamy..What irony !!
With regards to muslim women asking for such law, we muslims wouldn't really have much of problem if the Govt. brings such law. We understand these women, as some men tend to take unfair advantage of the given Shariah Law. Infact, this law banning such Talaq, and polygamy, will make us more responsible of our community and discipline us.
Banning hijab, hmm don't even think of it. If these women don't want to wear, let them not be forced. and let them
also not enforce their thoughts on other women who want to wear Burkha/Hijab etc...
BTW, Can sanghis help me in identifying the names of these models in the architecture of Khujarao , Belur temples..."
Comment by so called Rasheeda looks doubtfull name. First of all there is no compulsion in islam. Any one need to follow the shariah of allah can follow ,if you need to follow satan you can do that. But always make the better choice for yourself. Choose paradise instead of hell, hell fire is much more more hotter than this worlds peak summer.
Make Islamic law a Indian law so that it will become uniform law. Since Hindus or Christians do not have any religious laws there should not be any problem for them to follow Islamic law. Hope Govt of India make Sharia law applicable to all Indian citizens. Please note Criminal Law is already applicable equally irrespective of their religion & Muslims do not have problem with that. 1400 years of research has been done on Islamic sharia law and is practical law unlike man made laws.
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