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.
The animal sacrifice was made at the six-day yaga held from April 22 for public welfare. After performing the puja, the goats with their mouths tied were sacrificed near the fire altar (agni kunda). Later, parts of the goats were chopped off and sacrificed in the fire. The chief priest who took part in the yaga ate the meat, after consuming Soma Rasa.' As many as 17 priests from different parts of the country, including Tamil Nadu and Andhra Pradesh, took part in the ritual.
Comments
#presstitute.. enough fake news now..
am sure none of the reporter not even visited the place.. check times of india news. after taking interview of yagna chief said they tied some animals near yaga for few minutes and then later released..
No big deals coz this had happened in shivamogga not in BIG BAZAR or any other mall, where YEDDI and CHEDDI born ,
You eat whatever you want NAYI, KATTE,BEKKU,HANDI or COW mata, that is your birth right, mean time think about others right also, don't make galate lafta dombi while having others choice...
Now priests can say, I ate, you can also eat.
This will be a turning point for vegetarians and it is costlier than meat.
Very funny...
ONLY Cow is our Mother,ONLY Cow can feel the Pain,ONLY Cow is a leaving being.rest all made of Mud they are not our Mother nor Leaving being nor they feel the Pain.
Where is our beloved so called Menaka Ghandi Now...Animal LOVER.
In short Only fools can fool the other Fools.
jeevan, it is not a big deal... You are just kindly invited to share the Non-Veg food.....Enjoy....
Hahahha.. Bhattru trying to explain this incident and give clarification.
There is no need to think much for clarification, it's Simple - All these years they were hiding to eat Mutton Chops, Paya , Bheja fry etc.. Now they can't resist, and there's trouble of cameras all around plus the expose in Social media. So they legalize it with a ritual!!
#BBC - Brahmins_Brilliant, yet - Cowards
Barbecue Motion.....very tasty.....if it is done by brahmins....
Animal abuse is totally wrong in the name of god. will soon sue all of this bastards.
god bless all of us,
Yahh i also heard about this yaga, its famous nothing special in this.
in the name of god, they can do whatever they want, but can oppose us for caw slaughtering,
its their ritual. waste of reporting news on this.
Eid al-Adha also called the \Sacrifice Feast\" or \"Bakr-Eid\", is the second of two Muslim holidays celebrated worldwide each year, and considered the holiest of the two. It honors the willingness of Ibrahim (Abraham) to sacrifice his son, as an act of submission to God's command, before God then intervened, through his angel Jibra'il (Gabriel) and informs him that his sacrifice has already been accepted. The meat from the sacrificed animal is preferred to be divided into three parts. The family retains one third of the share
Whats the big deal now.
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