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
Hinduism is the religion of foolish people.
They worship Cow, Rat, Monkey, Pig etc.........
Drinks Cow urine as theertha, and throws milk on stones
But doesnt know how to treat humans.
Hinduism is in the declining stage, so they are trying to protect hinduism by attacking on others for no reasons. Because they are scared people.
Dear proud Hindu, if you have guts, please go to Kerala/ Bengal / Tamil Nadu and stop Hindus from eating beef. Hindus are eating beef in these states more than muslims do. If gow matha is so sacred for Hindus, why dont you go to Nepal and stop slaughtering hundreds of cows in the temple festival there. Why are you so jealous.
No need to explain anything just see below & comment.
Largest beef suppliers of India.............
1. Mr. Shatish - Mumbai
2. Mr. Sunil - Mumbai
3. Mr. Madan - Delhi
4. Mr. Bindra - Chandigarh
would see a developed India if these goons has guts to do it to a murderer or rapist who are free outside...........
By the way last noon at sullia i saw a bull mating a cow....any solution to give GO Maa a Bedroom than going to streets....
Suhag Raat for cows first. Sauchaalay comes next
Mr suresh one day ur mom or sister will suffer same humiliation then u will under stand ..shameless creature
If you have the guts go and stop slaughtering and exporting cattle to many foreign countries. Double standard idiots.
Do they respect their own real mata sitting at home....forget it do they put a little grass for cows which loiter around city streets...all these things happening around are bullshits... and election gimmick....UP Election...coming.....expect more and more dalits and women will be beaten everywhere....please be careful...
Muslims please do not eat beef at least until UP election.....after which hindutva group themselves will sell cows for muslims....
Proud Hindu............be proud on Good things......you are following what evil is taught to you
Mohan pajir
You must be sleeping these days or pretending to be slept. Do you know gowmatha slaughtering by your brothers in Goa and north east states. Do you who stands first in the world in beef exxport. Its your brothers and children of gowmatha.
i love eating beef !!!!! u guys really need to taste them its awesome...slrruuuuuppppppppp .... then u ll forget about this maatha pitha and all :)
the word is \napunsak\""
looks like guys like proud hindu, mohan & srikanth .doesnt mind when our hindu sisters getting raped and murdered and yet they dont want justice for them
rather they want to beat women in the name of holy meat
@ Mohan Pajir
U need to do surveillance in night time bec ur gomatha, ur mother sleeping in road and without food sometimes ...
take care about that first then u look for ur own mother
Screaming 'Gav Mathaa ki jai' 'Bharat Maatha ki jai' by beating a real alive maatha (women).
ISIS campaigning in US by killing and attacking people there and here Sangh campaigning for BJP by these activities.
Cowards.
mr mohan, pajir
first go and save your matha.[feed her.] shame on you man
Proud Hindu, Mohan Pajir, Suresh Mahajan........Why are you hiding in RAT HOLES when your Go mathas are killed in Gujrat for export..... India is the highest beef supplier to gulf countries..... They are all eating and enjoying your Go Matha provided by Gujrat..... Go and show your Mardangi in Gujrat ....
SAFFRON TERRORISTS, NOT ACTIVISTS,
its not a gau maatha its their pitha...(Buffalo not a cow)
Nothing to say about the Hijda Police..... Naren / Bopanna ,,,do have any comments..... This buffalo meat will become Cow meat in another 6 months..... Chamatkar of Modi Sarkar......shame..
India tu kya se kya hogaya!!!
Society should be ruthless towards those who mercilessly kill cows and eat its meet. Funny thing is that they can kill Gau maatha and eat its meet but we are not even supposed to touch their maatha!!!??? What kind of rules is this???
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