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
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Thank you so much Lyvia for the clarification.
This is indeed a good initiative. Let us unite and unitedly let us strive for the development of our city.
All the best moms!
Hi Everybody... I am one of the members of this group. I see there are a few things that we need to clarify . This is not an \ELITIST\" group.We could entertain only the first 30 requests.. We also encourage mothers to have their own meet ups. We have thousands of mothers in the group from different back grounds who are utilizing the selfless services provided by many of the mothers in our region. There is no bar from joining this group based on cast religion economic standards or any other parameter . Our sincere belief is that mothers can and have been making a change in this world and we want to facilitate this in our home in a more evident way, ie Coastal Karnataka. There are a lot of well wishers in our region who do a lot of charitable acts. But unless we personally see it we dont get involved or motivated enough to carry on such acts .Getting people to our roots before the advent of social media of meeting each other, talking to each other to get more connected and have a personal and human touch is one of the ways to a more integrated and understanding society . Please let us now if you have more queries."
Hi Everybody... I am one of the members of this group. I see there are a few things that we need to clarify . This is not an \ELITIST\" group. We could entertain only the first 30 requests.. We also encourage mothers to have their own meet ups. We have thousands of mothers in the group from different back grounds who are utilizing the selfless services provided by many of the mothers in our region. There is no bar from joining this group based on caste, religion economic standards or any other parameter . Our sincere belief is that mothers can and have been making a change in this world and we want to facilitate this in our home in a more evident way, ie Coastal Karnataka. There are a lot of well wishers in our region who do a lot of charitable acts. But unless we personally see it we dont get involved or motivated enough to carry on such acts. Getting people to our roots before the advent of social media of meeting each other, talking to each other to get more connected and have a personal and human touch is one of the ways to a more integrated and understanding society . Please let us now if you have more queries."
Hi Everybody... I am one of the members of this group. I see there are a few things that we need to clarify . This is not an \ELITIST\" group.We could entertain only the first 30 requests.. We also encourage mothers to have their own meet ups. We have thousands of mothers in the group from different back grounds who are utilizing the selfless services provided by many of the mothers in our region. There is no bar from joining this group based on cast religion economic standards or any other parameter . Our sincere belief is that mothers can and have been making a change in this world and we want to facilitate this in our home in a more evident way, ie Coastal Karnataka. There are a lot of well wishers in our region who do a lot of charitable acts. But unless we personally see it we dont get involved or motivated enough to carry on such acts .Getting people to our roots before the advent of social media of meeting each other, talking to each other to get more connected and have a personal and human touch is one of the ways to a more integrated and understanding society . Please let us now if you have more queries."
Hi Everybody... I am one of the members of this group. I see there are a few things that we need to clarify . This is not an \ELITIST\" group.We could entertain only the first 30 requests.. We also encourage mothers to have their own meet ups. We have thousands of mothers in the group from different back grounds who are utilizing the selfless services provided by many of the mothers in our region. There is no bar from joining this group based on cast religion economic standards or any other parameter . Our sincere belief is that mothers can and have been making a change in this world and we want to facilitate this in our home in a more evident way, ie Coastal Karnataka. There are a lot of well wishers in our region who do a lot of charitable acts. But unless we personally see it we dont get involved or motivated enough to carry on such acts .Getting people to our roots before the advent of social media of meeting each other, talking to each other to get more connected and have a personal and human touch is one of the ways to a more integrated and understanding society . Please let us now if you have more queries."
Hi Everybody... I am one of the members of this group. I see there are a few things that we need to clarify . This is not an \ELITIST\" group.We could entertain only the first 30 requests.. We also encourage mothers to have their own meet ups. We have thousands of mothers in the group from different back grounds who are utilizing the selfless services provided by many of the mothers in our region. There is no bar from joining this group based on cast religion economic standards or any other parameter . Our sincere belief is that mothers can and have been making a change in this world and we want to facilitate this in our home in a more evident way, ie Coastal Karnataka. There are a lot of well wishers in our region who do a lot of charitable acts. But unless we personally see it we dont get involved or motivated enough to carry on such acts .Getting people to our roots before the advent of social media of meeting each other, talking to each other to get more connected and have a personal and human touch is one of the ways to a more integrated and understanding society . Please let us now if you have more queries."
Hi Everybody... I am one of the members of this group. I see there are a few things that we need to clarify . This is not an \ELITIST\" group.We could entertain only the first 30 requests.. We also encourage mothers to have their own meet ups. We have thousands of mothers in the group from different back grounds who are utilizing the selfless services provided by many of the mothers in our region. There is no bar from joining this group based on cast religion economic standards or any other parameter . Our sincere belief is that mothers can and have been making a change in this world and we want to facilitate this in our home in a more evident way, ie Coastal Karnataka. There are a lot of well wishers in our region who do a lot of charitable acts. But unless we personally see it we dont get involved or motivated enough to carry on such acts .Getting people to our roots before the advent of social media of meeting each other, talking to each other to get more connected and have a personal and human touch is one of the ways to a more integrated and understanding society . Please let us now if you have more queries."
Rich Mothers of Mangalore
What about Fathers of Mangalore.
Pity for Poor fathers.
Good one. Let it continue to be non-religious, non-political and non-profitable...
The meeting invite was open to all the 9000 mothers on the group regardless of their family backgrounds. However the first 30 registrations were suposed to be part of the meet up.
ONCE PROPHET MOOSA CLIMBING THE MOUNTAIN
ALLHA TOLD TO MOOSA (AS) MOOSA BE CAREFULL NOW ABOUT URSELF BECAUSE
U DONT HAVE HAND TO PRAY FOR U BEC UR MOTHER IS ALREADY DEAD...
MORAL WEN MOTHER PRAY TO SON OR DAUGTER ALLHA WIL ACCEPT THE DUA VERY SOON....
MOTHER IS EVERTHING...
A man asked Prophet Muhammad pbuh who is more entitled to be treated with best companionship by Me?
The Prophet pbuh said \Your MOTHER\"
The man asked again who next?
The prophet pbuh said \"Your MOTHER\"
Then he asked again who next?
The Propeht pbuh said \"Your MOTHER\"
The man asked for the Fourth time \"Who is next?\"
The Prophet pbuh said \"Your Father\"
If the mothers did not read about prophet muhammad pbuh - They are missing a lot in this life."
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