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
You can do nothing. Because your countdown has already started.
Any harsh step towards Hindus living in UAE may impose long-term hazard on Indian muslims... therefore think twice before taking any foolish action. Don't think RSS is just a group of robe wearing sadhus. Their reach is beyond your imagination. Jai Hind.
Terror attacks of RSS:-
1- 1999 killing of Graham Staines
2- 2002 Gujarat riots
3- 2007 Samjhauta Express bombings
4- 2007 Ajmer Dargah attack
5- 2008 Malegaon blasts
6- 2007 Mecca Masjid bombing
Saffron terror is a neologism used to describe acts of violence motivated by Hindu nationalism. The acts are allegedly perpetrated by members, or alleged members, of Hindu nationalist organizations close to Rashtriya Swayamsevak Sangh (RSS) and Abhinav Bharat.
RSS is an anti national, saffaron terrorist organisation. Many are convicted for bombings and killings in various part of India. They even do hate speech in public. As the majority of north indians are illiterate, they will fall for rss ideology. They will make believe these illiterate people. As the south indian people are literate, rss lacks ground support in southern states of india, where the economy is far better than rest of india.
RSS never do fund collections from any comapnies or sympathizers. Do you anything about RSS?
RSS has strong base in UAE. I know many people who are working for RSS. Govt. is aware of this fact but a little bit tolerant because RSS respects local laws, rules & traditions. No harm to UAE integrity, law & order.
RSS Businessmen already in key position in gulf countries and hindus forms a substantial poulationin gulf countries will soon take over gulf countries and arab sheiks will ride camels..Jai hind
Mr. Kamath, remember one thing that each drop of water will make big ocean....we as muslims, small percentage in India, will do our level best to see these RSS supporters to perish....
UAE Indian expatriates take initiate and teach lesson for this companies. They hire only RSS trained persons and funding who against Muslims. So, every person should take initiate and there is many alternatives. \hani hani goodidare halla\".
Spread even around Emirati who understand."
People have power if they wish by not supporting RSS and boycotting those who fund them.
NO WORRY, Truth will prevail ,and evil will perish soon.
always do good to all
Sorry NMC me going to GMC or thumbay hospital in sha Allah if needed and UAE exchange me n my relatives are opting al ansari or al razouki exchange.They also give best draft rates. Sorry by funding or approaching rss thugs u r putting axe on ur own knees in shaAllah. May Allah perish you.
my dear rss friends dont come here you will have to eat beef with other your friends because all of your friends eat beef in cafeteriai in uae
Now y do u need rich gulf countries Muslims Money!!! No objection now?
There is no POWER nor MIGHT except with ALLAH....
Whatever ways ISLAM haters try to plan... Muslims know very well they will never succeed playing with the followers of Divine religion (ISLAM).
They did lot of deceptions & FOOLED many. But their Evil deeds were caught & exposed, but Most of the people are still sleeping to their deception.
Dear RSS Cadres...
LEARN ISLAM independently not from cheddis.. Dont fall trap to RSS defined islam which is deception to make you follow your leaders to HELL if U dont recognize the REAL TRUE GOD who created U, ME and all those existed.
Good luck for you new plans, which U will be able to deceive many of your Unthinking followers. and WE Muslims know, ALLAH is most merciful... and he can spare U & allow YOU to play this GAME. But YOU will never succeed to overcome or wipe ISLAM. Its a Challenge many ISLAM haters tried and LOST. RSS your fate will be the SAME. Dont play with the Divine religion ISLAM.
Dream only, RSS cannot do anything Dubai. Dubai is Islamic country.
RSS men and Sadwi's were involved in many bomb blast in India.
RSS was the main organization behind demolition of Babri Masjid
RSS was the main organization behind every riots in India
RSS was the main organization who organized Gujrat carnage and killed around 2000 innocent Indians.
RSS was the main organization which is organized riots in Muzafferabad and killed many muslims.
RSS was the main organization is funding it's goonda outfits like Bhajrang Dal , ABVP etc.
there are many many incidents we can make here about RSS which is dead against of Minorities in India.
So UAE Indians should ban it's funding hand from this gulf countries by banning their business places.
I swear I never ever go to RSS backed banks any more. I promise.
Can you all Promise??????
RSS and ISIS are same, they both got same idea of dividing people...dangerous for human kind....both are being taken care of by Zionists.....tooooooo dangerous.....
Earned name,fame and richness from Muslim countries and funding for the anti Muslim organisations. What a ungratefulness.
All knew about these tycoons.
ZEE aflan tv channel was the first step to enter Middle east to sympathize RSS through bollywood movies, Bhajan and RSS imposed hindu culture. Now they openly enter by strong hold business and money. They will ruin some if UAE not act immediately.
Mr.Nishan,RSS member cannot do the mosad work becouse RSS member's are waring chaddi.
but one thing they are using money from gulf country to killing innocent musslims also a bank giving all commison to RSS i came to know from one of hindu friend working here in kuwait.
So it means they need Funds from Muslims countries, how pathetic, How can you take money from Tycoon's who are beneficiaries of Muslims in Gulf countries and earned their money from this community, Please try some other source!!
All middle East countries should ban those companies which funding terror organisation RSS have link with it. In Saudi Arabia, also some companies funding RSS
Islamic state may take help from RSS since IS is creation of Israel.
Alarm for UAE authority and other Middle eastern countries.
Hope Indian expatriate and Human rights will take this issue up to UAE authority before too late.
R.S.S Outfit engaged several Terrorist activities against Muslims, hence Indian Muslims considered R.S.S is Terrorist Organization. The Muslim organizations around Gulf regions should come forward and chal out plant to finish /pull out R.S.S functionaries from Gulf region. Also Organizations must take necessary steps to educate Rulers, Government authorities and Gulf countries citizens about the hidden agenda of R.S.S and its ally with ISRAEL.
Israel using RSS cadres to spy Gulf countries since Mossad cannot enter GCC. It's decision by Israel and RSS acting accordingly.
RSS go at any level to disturb Middle East peace and killing Muslims.
Middle east authorities must act before too late.
Most of RSS cadres trained by Mossad and frequently visiting Israel through other passport.
BR Shetty is a great patriot and philanthropist.
CD is unleashing a series of articles to create :awareness\ against RSS. but no publicity is bad publicity. U cnnot do any harm to mighty RSS"
Would like to see if they can do a \path sanchalan\" in cheddies and swords on Dubai streets."
Whatever you do, you cannot move an inch without the almighty's permission. HE is the best planner.
In Dubai, everything is possible.
Preaching man made religion - what does benefit.
Compare how many people accepted Hinduism V/s how many Hindus accepted Islam and Christianity.
Analyze the truth.
Exert whatever your efforts, truth will not fail, God's religion has to reign.
I heard that the commissions paid to UAE exchange goes directly RSS account. please use Alrajhi bank to send your money...
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