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
who cares? go to hell
Media made her popular. No valve for this award. I strongly support raviji for this.
I wish that in your next birth you born as a girl in a backward country like Pakistan or Afghanistan , and if then you are able to raise your voice after being shot at and then if you still stay strong and become an inspiration to millions and the word then and only then would you deserve the respect that your are seeking so desperately.
Malala was also a western drama.... More people deserve to be honoured..... But why shriji just opposed malala only..... Shows comunal mentality clearly
I agree with Ravishankarji.
I agree with Ravishankar ji.
Bro Mohammad, #2
There is medicine for JEALOUSY, HATE, CRIME, EVIL habits... But the person should take the change to change himself.
Let the Jealous person read the biography of Prophet Muhammad Pbuh. and also let him read the QURAN which is the Guidance for humanity and how to live life according to the law of God. JEALOUSY will run away automatically if We PONDER on what DIVINE knowledge says to us.
Mr sri sri sri
We all know that your work/service doesn’t come free free free
It’s not a Nobel Prize offer Mr sri sri sri we all know that, at the most, it might have been just a nomination for the prize, which are in hundreds and this information is for you for free free free
He is the no. one duplicate & feku. any one shake him well all his originality will come out. No doubt one day will be soon.
Master Ravi Jeeee First I Thought would have our Great Leader Master Scorer C T Ravi jeee he is right person to award Nobel Peace award. any way Sri / Siri says he was rejected and against to Ms Malala's selection, you all surely know very well, Malala totally un fit to award it but discriminated fools around the world chosen not Maste Narendra Modi selected Ms Malala because you all fools of this criminal minded world knows against of a group or de polarise the entire group. Sri Sri is good to magic man in this world making beautiful woman Fools.
Jai Hoo Narendra Modi.
They gave noble prize for Obama, for what???....I did not find any reason for it....Malala is an inspiration and hope for millions of underprivileged girls around the world...
Really... these awards should be given to Narendra Modi, Mohan Bhagwat, for their rolE to implement successfully Acche din in the country, if this award would have been given to Ravishankar could be better also...Now all are silent this fellow started Barking
Malala Yousafzai has done nothing to deserve Nobel Peace Prize
why did you congratulate #Malala two years ago if you don't think she deserved the @NobelPrize?
WHO CARES FOR U SRI SRI SRI ,
BEC U RAISED THE SLOGAN PAKISTAN ZINDABAD PLEASE GO TO PAKISTAN U HAVE NO RIGHT TO STAY HERE ANYMORE ....
I agree with him. I love Malal for her bravery, but when it comes to Nobel prize what was her contribution?
100% i Agree With Shri Shri Ravi Shanker....
After being shot in the head.. she is still fighting for the rights of girls and children.. you say that she is not deserving one.. then who deserves more??
Shri Shri Ravishankar please stop your non-sense,
This swamiji dont have any work simply putting nose to everything. if this swamiji dont want any award let him sit at ashrama, there is no rule to follow him,
Ravi shankar received padmavibhushana this year,
There is no Medicine for JEALOUSY. Dont waste your precious time try to learn about ISALM. And be prepared for your Future.
Dear Sri,
First pay the Pending TAX to the Govt then give the lecture.You did right thing of giving back the Nobel prize as you your self know that you really dont deserve.
He is a Man with Two Faces.
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