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
@boppanna
At least our prophet married and kept her as a wife........dint leave her in forest after doubting the birth of own wife like the character RAma did in Ramayana after bringing sita from ravana Lanka..... a god doubting own wife....come on..
it is CD Team responsibility to track his record, details and handover to authorised people.
he don't have that much dare to sit at KSA and bark. May be jobless and gossiping with ladies. May be sitting somewhere in slum area and kept family away..
CD Team, please we hereby request you to handover this comments of bopanna and track his comments through which website/location he used and handover to authorised people for further action.
thanks u
@Bopanna KSA
By giving that statement. Don't think u will get away from KSA Govt.
Ur each and every statement might be monitoring. So be careful. rest of ur life might be in jail.
@boppanna
If KSA Comes to know and track u. Then u will be in trouble. They might hang u.
So be careful. Before commenting read the history. U will cry in tears.
Can't allow Muslim woman to suffer...... but can allow rapes ...murders ..and attack on Muslim women in communal violence...specially in Gujarat. And other women of India suffering from liquor drunk husband's and murders...... can allow tobacco products killing their husbands from cancer......can you ban this if you have guts...? Nuts will come in mouth
bopanna
don't take any messengers of Allah's name to insult..you may face disaster soon so be careful and think about your family..
If you want to know about reason why PROPHET MUHAMMED SALLAHU ALAIHIWA SALLAM married HAZRAT AYESHA RADIYALLAHU ANHA, study the history, reason etc. if not send me your email details will share the link so that you can go through it to get better treatment. Also study about his all marriages and realise what you uttered..
your LORD KRISHNA, why he married countless women? have you gone through it? their ages and reasons? leave it ..just look back the profile of your forefathers and study which is more than enough for you to understand and get proper right knowledge..
Just read news about Mohammad Aslam who is a follower of religion of peace .....
Showing his \mardaangi\""
# 25 Bopanna
Bopaana 100% sure you are not born Halal, any way you are the resident of Hell, Like Abu Jahal, Wait for your miss deed speaking ill about Our Holy Prophet Saws, Now Allah will Decree his punishment !
Sooner or Later !
You jokers are complaining about Modi ? Let's start talking about your \Prophet\" - what age was he when he married Aisha ?
He was 53 and Aisha was 6 ! What do you call that behavior ?
Do Kaudi ka Dimaag naheen hai aur sikhane chale aye ..."
Wish he would have realised when he released Babu Bajrangi from jail (who slit wombs of women and killed women & Feotus)
U ruined ur wife's life and career by not giving talaq in young days. And never stayed with her.
Feels sorry for ur wife.
PM Modi is concerned about muslim women..he is not concerned about his own wife...He killed more than 3000 muslims. He is simply implementing RSS agenda...we are now in end times. there will be a big disaster in the world. nobody might have seen and heard that kind of man made disaster...may allah protect our emaan....Ameen.
Super basavaraj ...entha comment ...superb kanree....yelli rikacha and faizal bhai message illa ...mostly burqa hudukta irbeku Mangalore rally nalli participate madlikke .. Yesterday a Hindu gal was brutally raped for more than 20 days in shimoga ...all are perfect manual followers. Haha ....in that many were madrasa students who perfected Quran and ejected for 50 days ... This shows how this third rated jihadis treat women ....yelree faizhal Bhai banreee Johnny walker haakistini banree. ...
What a drama PM! You could have got job in movies! ANSWER US ABOUT KASHMIR! His party along with media is deviating the current heated crisis of kashmir because you dont have a SOLUTION! WE MUSLIM WOMEN ARE VERY SAFE BECAUSE OF THE RIGHTS OUR RELIGION HAS GIVEN US & he needn't show us any pity..if he really want to help us..WE ARE ACTUALLY struggling for RIGHTS TO WEAR HIJAB..ALLOW US!
Modi is the perfect follower of Rama. He threw his wife into fire, she came unhurt, he drove her to the forest, she bore two children, he tried to kill her children, he lost the fight, finally he forced his wife to commit suicide. Modi driven his wife out as she was not beautiful, he neither divorced nor accepted her as his wife - a Trishanku Naraka (hell life in this world) a gift for his wife. what we can expect from a person who cant be a MAN to his wife. Old man's crocodile tears and monkey joke! Laugh loudly!!
Narendra Modi,
Yes Muslim's are well aware of Jews n their policy. And their interaction behind Muslims. Even Jews know very well they cannot come over Islam . You rss just now started hold Jews tail n starred to call jew community as your father. Remember you even don't know how they will remove u all from the universe. So it is better to follow Jews training n not to play with Islam religion.
Jai Hind!
Narendra Mode,
Yes Muslim's are well aware of Jews n their policy. And their intration behind Muslims. Even Jews know very well they cannot come over Islam . You rss just now started hold Jews tail n starred to call jew community as your father. Remembe you even don't know how they will remove u all from the universe. So it is better to follow Jews training n not to play with Islam religion.
Jai Hind!
Dis guy has no ability of looking after his own wife and protecting her. Now duniya badalne chala g...du
Any comments on ua own Wife???
Dear Modiji
When you was the CM of Gujarath how many lives of muslim women you have destroyed in the riots
Dear Modi Ji.
Kindly take a decision about your own one and only Wife Jashoda ben. Please humble request.
When our honorable PM was the CM of Gujarat hundreds of mothers,sisters and teenage girls raped and tortured publicly. That time he did't show any respect and justice to the victim of Muslim women's and culprits are not punished. Now he is acting crocodile tears in the name of protection and justice to Muslim Women. He is fooling the Muslim community.
@ #9 Basavaraja is very Familiar with CAT WALK.
Yesterday there was a rally in UP ...nearly 75% participants were women ...but it was not the case. . Madrasa students and mullahs took their wives burkha and participated in rally ..by looking at their cat walk we could make out
Really interesting. Jashodhaben's life also is ruined by triple RTI talaq.
Sirji, pehle hamara problem solve karo. Baadme beary yonka peeche jao. Come on yaar...Mardangi dikhao...
Where were u mr modi when Muslim pregnant women's were being killed during anti Muslim genocide in gujarath 2002 by ur bjp and bajrang dal activists?
What about joshadabein. Both are One And the same.
Now ur worried. Where were u when Muslim girls where murdered during Gujarati riots.
First look at your wife.
you ruined your wife.
Real Muslims never ruin their women.
first u think about your wife, other women will be fine.
Thanks coastaldigest for remembering his life's love story.
first think about your wife she wasted her precious time of her life. then think about other women's.
Modi loves selfie......he has his wife in Gujrath....he even did not give single talak her....ignoring her.....
Muslims wont agree about his formula....he has to listen to all ulemas.....they will give him a best suggestion.....
Modi is ignorant about Islamic way of life.....
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