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
\Hindutva activists raid Thomas School...\" is wrong caption
It should be, \"Hindutva Goondas Attack Thomas school ....."
Why you call these raid, Raid can only be done by government servants.
This is called Gondagiri, what the hell police is doing, arrest them.
I think as per this English should be banned as the language belongs to England.
If learning or teaching was illegal they would've spoke to the head master, or filed a case against the school.
For muslims ARABIC is first language, its the mother of all language.
hahaha look at their face and their dressing style! Their presence itself shows they are uneducated goons.. Hardly one or two guys may be passed 7th standard. All poor hindu guys are running up and down in search of arabic classes and gowmootra.. Upper class are enjoying every position in all indutries.. Poor guys.. Lage Raho..
Hi all the people of Mangalore,
Who r these people who haven't seen the steps of school and wanna dictate what is to be taught and what not? There are education boards set up for all these purposes. Where is Mangalore heading? Who has brainwashed these people? First those people should be acted as per law who leads such goons irrespective of religion? How can U expect a place to develop when U don't have a mindset for broader vision and tolerance? Anyone who speaks against some party becomes Anti national!!!
V r giving more important to Cows than Humans. If people of Mangalore unite at such circumstances, then law cannot be taken into hands by any groups, irrespective of religion. It's high time that we unite against such shameful acts.
Expats including non-muslims in gulf countries would have craved for knowing Arabic in their childhood because they know that they can have edge over others and would have got better pay in gulf. These people do not understand this. They are struck with some bad mindset which makes them to oppose anything associated with Muslims. It is difficult to learn a language later in life especially Arabic.
Uneducated goons don't know the value of languages..... moreover why sanskritbis taught in school....
Go maataas are in need of these sons in Gujarat where dalits stopped work.....go and serve the Go.......let's see how many patriots nationals from chaddi Canara sena will go....
Saffron TERRORISTS, not activists.
Many non muslim working in ARAB AND ISLAM Country for job purpose they have to learn ARABIC language and also english is foreign language are going to stop english language in school or in colleges this SRS are un educated so they fight ....
Arabic is an international laungage spoke widely in many countries. There are many million Christians , jews and other non Muslims for whom Arabic is mother tongue. In every gulf countries lakhs of non Muslim join Arabic language courses to get promotion in their jobs. In Kerala there are non Muslim Arabic teachers. These narrow minded uneducated ravan sena are defaming our district and country by their criminal acts. Law should take stern action against these anti social elements
Nayig yenchina gottu Limbeda uppad
These SRS goondas should know that, it was not compulsory.... Those who do not want to learn, they are free to keep away.... so, what is the issue ????? Look at the Words , that are taught, which are useful in daily life... like bank, airport, box, gooda angadi.... these are useful to those work in Gulf.... Bopanna KSA can throw some light on this issue.... Those who are interested , let them learn, others can SHUT UP...
RSS IS ONLY GOOD FOR THESE TYPES OF THINGS...
LET THEM SAVE THEIR MATHA COW IN ROAD FIRST...
should have banged arabic preacher :
these teachers dont have any other work, small children hardly study their 6 subject... in between arabic and other language to their head.
this unpaid shiva sena activists dont know the value of learning new things.
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