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.
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The Qur'an, Kannada Translation & Explanation is available @
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Dear Brothers,
These are nothing but so called salafi, Salaf means should follow the quran and sunnah according to the understand of the Sahaba, these are just following their own desires under the banner of salafi name. kindly change your organization name to somethingelse.
Brother Thanzeel what about your pant ?did you cut?it's above the ankle?first you did and scrue aothers,
U.N.Abdul Razak sir (President of SKSM Mangalore) For the sake of Allah Please cut your Pant its beyond your Ankle.
I did my duty obeying is your Wish.
Dear Abu Rimsha,
you can use Translated Quran in Kannada Meaning Version in Android Play Store Type PAVITHRA QURAN
Already there are kannada quran by other org like Shanthi prakashana, AS Puthige etc, if we are able to done coordinated work we can avoid duplication & use energy, time, money for different works.
Dear Abu Thabish IFF is working for community not like other group fighting each other .there are many group in salafi calling them kafir first stop saying other kafir. Allaha will see heart first . Salafi Built Many Mosque Near the other Mosque .there is no need built the Mosque still they Built the Mosque near other mosque in Many place .divided the Muslim .
No identity of islam except big beared.
Hope, they are muslim
YES BRO #5 AM MANGALORE,,,, PLEASE CONTACT MASJID IBRAHIM KHALEEL, NEAR STATE BANK MANGALORE.
Can anyone tell me, can i GET FREE COPIES of this BOOK?
There are many people without knowledge made enemy of ISLAM
There are many people without knowledge HATE ISLAM
There are many people without knowledge fall trap to enemies of ISLAM
What is ISLAM?
IS ISLAM encouraging Terrorism?
IS ISLAM enemy of other RELIGION?
Does MUSLIMS hate HINDUS?
An intelligent person will try to KNOW the reality and will not accept whatever is said in the MEDIA... It is easy for ENEMIES to SPREAD LIES & FOOL, when the PUBLIC accept whatever said to them... & not VERIFYING.
We MUSLIMS believe that QURAN is word of OUR CREATOR ALLAH, and his MESSAGE to all of his CREATION including NON MUSLIMS ... IT is YOUR choice to READ it, PONDER it, if not satisfied MAKE a research of it... If YOU still dont believe what is said in QURAN ... it upto U .. there is NO FORCE on YOU by the RELIGION of TRUTH, the only religion accepted by the CREATOR of all that exists.
THINK & PONDER.... Dont stay IDLE ...
Well said Mr. Abu Thabish, KSA.
Dear Karnataka Salafi Movement Concern,
Plz advise the Salafies translated Quran with Kannada meaning version in android Play store. Presently I am using Divya Quran by Shanti Prakashana.
Salaam
Masha Alaah...
Dear IFF, KCF Brothers
This is what we call Deeni Program. Helping the Society to achieve the Goal for Life after Death.
See the Beard See the Pant (Above the Ankle) This is the Actual Uniform of Islam.
Do not waste your Precious time..Learn Islaam before its too LATE.
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