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.
The bizarre incident took palce in Nidle village of Beltangady taluk. The rape accused is Shekhara Nalke, who is a famous tantrik and indigenous healer (naati vaidya) among local Hindus.
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Please hang this bloody tantrik......
I am sure that viren kotian is also a partner of this Tantri and that is the reason he is supporting him blindly. such rapists shuld be hanged in public. they have no right to live. shame on you viren for supporting a rapist who is worst that animal.
This type of so called TANTRY are in all communities. Not only in Hindus.
This act continues, as long as there is unwise/ foolish customers.
Waiting until the mishap happens is a big foolishness.
The public should identify such TANTRIKS in their locality and prevent them from their mull-practice.
with the foolishness her parents handed-over girl to that cruel person.
first have to punish her parents. and next better to remove any one of the parts of his body.
with the foolishness of that parents, directly they handed over that girl to that cruel person. first have to punish that parents.
This is kind of Tantik Love Jihad???
QURAN is not just for MUSLIMS. it is for the whole of MANKIND ...
ALLAH taught us HOw to be protected from evil in the QURAN>>>
NO need any third person... U just need to PONDER & act on what it says...
Its time to keep MEDIA away ignore the FALSE news which spreads about Muslims and ISLAM...
If YOU really want to know what ISLAM says THEN Read QURAN and PONDER on it... It will Save such traps of TAntris, Swamis, Jotiysa trap and other evils that are spread in our Society.
Look for the TRUTH,,, unless We look - who is the CREATOR...
We all will fall into such types of TRAP to the devil worshipers...
Please Learn QURAN (quran project com) U will understand How evil plays his role, when we worship FALSE Gods...
@ VIREN KOTIAN ,
U R FAKE FAKE PROMISE FAKE
BUT NEWS IS NOT FAKE THATS TRUE NEWS,
WE TRUST 'COASTAL DIGEST' MORE THEN FAKE BJP GOVERMNT..
Ache Din hum sab ke saamne...
Ache Din for Gundas
Ache Din for Rapist
Ache Din for Cows.
For Common people Babaji ka Tollu.
Wa Wa Master Veren Kottttain which part of the worldd you leaving???? you Maharaya looks like something fisheyy?? about you Maharaya any keep it on going The Day will come to know every one is it Faaku or Tanrtu????
Dear Viren
I think you are a bhakt of this Tantrik.
show your guts now!!
What happened all these Tantris??? keep all these Goonda rapist in a Dark Iron room for eve, good luck you Department's.
no mercy ,
please hang him or cut his private part...
This is called 'acche din' in NaMo's language
Fake news. only on cd
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