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
All these because of lacking of knowledge of fundamentals of Islam.
Islam is perfectly taught with boundaries for what to be done and what not to be done.
What to be done are : Farz, or obligatory deeds
What may be done : N compulsion, but doing can lead for extra reward
Not to be done Prohibitions : These should not be done. Like Associating someone with the True God who created us who only deserves to be worshipped. This is a biggest crime in Islamic point of view. Other prohibitions are eating pork, liquors, adultery, gambling,
Now the things what happening mostly in Dargah are worshipping the graves, which is the biggest crime. This is forbidden to both men and women. People can visit the dargah and pray for the dead people in that grave. But begging the dead there is prohibited.
Really those dead bodies can not help us, in contrary those bodies need prayers, wishes of living people.
We can visit the dargah in the intention to pray for the dead in the grave and to say Salam. Doing like this properly is not sin.
Wrongly Visiting Dargah can mislead to sin,
And not visiting Dargah does not amount to sin.
Therefore people lack basic teaching of Islam.
A MUSLIMAH ( True Muslim Women) will never ask with any other creation EXCEPT ALLAH... Those who depend on other than ALLAH will get what they want but in the end they will fall for the trap of deceivers who are attracting the people who are WEAK in IMAN to their way of worshiping the graves or asking with the graves.
THOSE who have faith in ALLAH will never ask or depend on, other than ALLAH. They are Satisfied with what ALLAH gave and Say ALHAMDULLILLAH in whatever situation comes their way... Congrats to such MUSLIMS and MUSlIMAH who trust ALLAH and follow the teaching of Prophet Muhammad pbuh... who never showed us Such CULTURE of DARGAH ViSIT..
Prophet MUHAMMED pbuh said... Visit GRAVES to Pray for the one who is in the GRAVE & REMEMBER that one day our fate will be same. So dont live in this life in ARROGANT or do injustice to Others.
Dear Sahil, if they knows the meaning of Namaz or Salah they never visit Dargah. Here may be RSS behind such kind of demands.
These so called muslim women don't know Islam. so they are asking entry to Dargah/Grave yard. Who stop them to go there go and enjoy.CD Editor please remove Muslim woman tag because muslim women never ask such kind of demands.Better tag Ahle biddah women ask entry to darga.
They dont bother about namaz..but worried about entry to do shirq
Haha..funny..they dont bother about performing namaz..
But worried about entry to dargah to do shirq..
Dear CD team. Please be careful when you posting one sided opinion about practice of Islam. You have reader from all sections.
REALLY SURPRISED TO SEEE THESE MUSLIM LADIES IN ROAD PROTESTING FOR ENTERING THE DARGAH ,
FIRST THEY HAVE TO OFFER NAMAZ PERFECTLY I DONT KNOW WHAT THEY WILL GET IN DARGAH ....
THEY JUST VISIT TO ASK TO THEM.. THATS NOT GOOD WE HAVE TO ASK WITH ALLAH HE IS OUR ALL MIGHTY ..
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