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
Ibraheem Hussain Udupi, Just one thing If he is wrong he will be punished and Mashallah we know that he has a good reputation and if you are wrong Alaah will punish you. So It is only right and wrong. YOU ARE PURE JEALOUS.
Mohammad, Mangalore
The facts which I wrote is 100% true and nothing conceited. People of Kudroli know Masood and his family and their contribution to the Muslim Community. If you compare his economical condition from 50 years back to now, you will realize from where he got the money. He was henchman of Mr. Poojari, who brought him to political life, and bank loans approved to him for his various projects and hotels in undivided DK district while Poojari was central Minister. Poojari made him as MLC and he was not elected MLC. Masood was not born with Golden spoon, by hook or crook become rich man that everyone knows. He is a \PRACHARA PRIYA\".
I have no enmity with Masood, whatever I wrote it is fact and people from Muslim Community of Kudroli and Jodu Palli knows. With regard to Halal and Haram, he is answerable to Allah."
hey hang on Mr. George. Are you appreciating a classless goon who can illegally trespassed to an institute to show his brutality. If you are an uneducated illiterate coward man I have no issues, but I don't think so, you must be well educated civilized white collared man. My advise is to you, always try to stand with the truth, bcoz the truth will prevail. if the victim has done something wrong, what is your role if you are a neighbor? just to advise them in a peaceful manner, he repeats just give a complaint at the nearest police station, that's all. Who is this Kishore, is he appointed by the government or the local body to punish for those who creates nuisance in that place. Hey guyz stand up as a team irrespective of any religion and raise your voice, if required raise your muscles against such nasty criminals and smack them down. don't let anyone to destroy your community in the name of religion or politics. Bring peace & prosper with your neighbors, live lively and peacefully.
Ibrahim Hussain Udupi, One word may Allah give you good sense and take away the hasad you have in you towards people. My advice to you is good deep and check the facts and also the number of good deeds him and his extended family members have done to our community. Allah is watching and he is the one to decide on being wrong or right. Gain respect not demand respect. Thank Arakul Riyadh for your advice and Allah will reward the one who does good deeds be it us, him or anyone else.
Mr. Ibrahim Hussain, Udupi and Mr. Mohammad Mangalore. Please for Allah's sake donot quarrel each other. We are Muslim and one Umma. We should not show our behavior for other religion. This is not the place for arguing. Whatever we wrote here should give answer to Allah (SWT) at the time of resurrection. Pray ALLAH for forgive us for our unwanted behavior.
May ALLAH bless us and follow the religion with the foundation of our beloved prophet Muhammad (S.A)
Mohammad Mangalore,
I don't think you were not born during the Mangalore Riots. I dont want to elaborate the incident that may be healthy in this forum. Masood is one of the opportunist Politician ever lived in the Mangalore. His popularity is nil, he has no people support in Bunder Area. No.2 businessmen of his relatives residing in Dubai and forest Wood thieves donated large amount to the college and a Madrasa near Jodupalli just to avoid income tax. You are wrong to say two Masjid were built by Tippu sultan, except Zeenat Baksh masjid. You are in dark days in this 21st century. I think you are henchman of Masood, who has low respect in Mangalore.
However, let the readers know what Central Committee did to this incident, clarify.
Third class guys can only support this type of students in the name of religion. shame on them as they are linking with their religion ...well done kishor .we support you.
I could see statements made by some non muslim brothers is really intensive which produces wrath among different communities. I have my condolences to the victim and his family. However, I strongly disagree with the action of the accused who could barge into college premises and assault the student. I am sure the reason for this attack is not the bike nor the roaring silencer , the real motive is something else. When the street dog becomes mad, there is no point of taking it for medical treatment, but it must be treated the way it should be treated. Hope the message is clear.
Ibrahim Hussain SS Udupi, Go check your history as per our knowledge Mr. Masood was married in the year 1966 and not 1965. THe riot was started by Putthan (beary) and this can be vouched by the urdu speaking persons of that locality. I will have to forgive your knowledge on when the two masjids were built in Jodupalli (it was in the time of Tippu Sultan). The two masjids were made one thanks to Mr Masood when he was the Chairman of the minority commission and the president of the mosque. For the college of Kashipattana there huge money was donated by Mr. Masood, his brother, brother in-laws and I can vouch that you are not one of them. Go to Bunder and check how many weddings of poor girls are being donated by them. Go and check the accounts of the Central committee and you will know how much money has been given to riot victims and innocent muslims be it for theirvpersonal heath or marriage. I know that he has personally given money from his own pocket many a times as I reside near his house. Come to Mangalore and check what the central committee has done and not stay in Udupi and comment. May Allah give you good sense.
Mohammed Mangalore,
I know Masood's old story. 1965/66 first Mangalore Hindu- Muslim riot was perpetrated by Masood family and entire community sufferred, and he is man behind the whole incident. Central committee is only doing the job of representing the memorandum to the DC or Police commissioner that's the end of it. No follow up or solution. Kudroli Two masjids one place? As per quran and hadees all muslims brothers and equal, then why this two Masjid's in one vicinity?
Regarding Kashipatna Girls college is not a charity college, its a commercialized educational institution. Did Masood pay full amount for this school building? Or what is his contribution, you have to elaborate.
Constructive criticism are always brings some sort of solution to problems, Mr. Mohammad.
Give me one example of one instance of Ullal Riots or Kavoor/Bajpe riots, what is the contribution to the victims of the riots by Central Committee?
Mohammed SS, It clearly shows how the muslim community is divided (Hanafi and Shafi). You point one finger at someone and the other 4 will point at you. If we have to postmortem the so called MUSLIM LEADERS whom you support (we very well know which language they speak) then all their wrong doings will spill out. Do not wash your dirty linen in public.
Dear Ibrahim Hussain, don't you remember Masood's old story, what you are expecting from him
Ibrahim Hussain Udupi, I can scense your jealousy in naming some politicians name when you do not know what good Mr. Masood has done to his community. Come to Jodupalli,Kudroli, Bunder etc and see. The Central committee is doing a good job and people like you are always there to point fingers at someone or the other. If you think you can do a difference stand for elections or let us know what good you do to out community. It is easy to write negative comment but to write a good one you need to be good at heart. By the way ask the Kazi of Mangalore what Mr. Masood has done and is doing for the community. go visit Kashipattana where a girls college is coming up go to Kudroli and visit the old age home for women. Come out of your dreams bro. Grow up and learn to appreciate.
The main mistake here is from parents. They should not provide either Motor Bike or Mobile to student. Let them start earning in their own, then let them buy Motor Bike, Car or Mobile or whatever they need.
Here one mistake made by home guard by handling law and order by himself by hitting him. It should not happen in future. There should be severe enquiry needed for both the party to find out the culprit behind this.
May Allah (swt) protect our all muslim Ummthis from bad and prohibited things.
Do home guards can handle law and order situation and arrest any one? They are third rate guards as Mr. Kishor. This matter have to be investigated and stripped out from the Home guard role.
Why only Muslim Students are vulnerable to arrest these days. Recently a Muslim student was tortured by the Police allegedly, having contact with the missing Girls were found in Kerala state.
Why muslim Central Committee led by former politician Masood is silent?
look at him. slept like a buffalo, he deserves more punishment, if some strange person is coming and beating a strange one?, readers must feel the pain behind that, making loud sound on the public road rash idriving is not a culture of civilized person
police must investigate the matter if any evidence of rash driving both must be punished kishor for taking law in hand and student for rash driving on public road.
who is he to beat the student, if they are doing rash driving let police take the action, he is targeting student because they are muslims, so intolerance. must take action against him in future there is no wonder if he enters the college and shoot students.
Good Work by kishor, this rash riders are not only killing themselves but also killing innocents.
i too heard silencer loud sound, all the way irritating pedestrians, its not about hindu or muslim, better to warn their parents before taking charges on them otherwise media will carry this headline mentioning the religion's name, each and every one should be punished.
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