Tipu wasn't a freedom fighter; what's logic behind his jayanti: High Court

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.

Bengaluru, Jul 21: Karnataka Chief Minister B S Yediyurappa on Tuesday said that everyone has to fight COVID-19 while maintaining a stable economy and lockdown is not the solution.

While briefing the media after a meeting with Health Minister B Sriramulu and officials here, CM Yediyurappa said, "There will be no lockdown from tomorrow, people need to get back to work, the economy is also very important. We have to fight COVID-19 while maintaining a stable economy. Lockdown is not the solution, now restrictions will be placed only in containment zones."

"People who came from Maharastra and Tamil Nadu added to the COVID-19 cases in Karnataka. Experts have suggested a 5T strategy - Trace, Track, Test, Treat and Technology. Our COVID warriors are working day and night to safeguard the people of the state, we have to maintain social distance, wear a mask while going out," he added.

CM Yediyurappa further said that more than 80 per cent COVID-19 cases in the state are asymptomatic.

"Five five per cent need ICU or ventilators, 11,230 beds are kept ready for the use of people including private hospitals, medical colleges. The real-time dashboard is ready to serve the people. Now onwards, test report will be given within 24 hours. SSLC exams were conducted successfully. More than 8 lakh students wrote exams in such a situation," he said.

Commenting upon the allegations of COVID-19 mismanagement labelled by opposition leaders, CM Yediyurappa said, "I request all the opposition leaders not to make unnecessary comments. I request Siddaramaiah, D K Shivakumar and others to suggest us valuably to fight corona together."

"We will give all the details which are required to D K Shivakumar, Siddaramaih, H D Kumaraswamy. Not even one-rupee corruption is done in COVID-19 management. We will give you all details. No official misused any funds, being opposition leaders, you have all rights to check documents, we will provide them," he added.

Taking to Twitter, Health Minister B Sriramulu said that the decision to raise the salary of 2,000 AYUSH doctors to Rs 45,000 was taken in the meeting.

"The decision to raise the salary of 2000 AYUSH doctors to Rs 45,000 was taken at a meeting chaired by our Hon. Chief Minister Shri @BSYBJP. Assurance has been given that the demand of private AYUSH doctors too will be reviewed and a decision regarding the same will be taken at the earliest. All doctors who were protesting for the same have withdrawn their resignations and reported to work," he tweeted.

Dammam: President of Indian Social Forum, Eastern Province Mr.Wasim Rabbani urged immediate intervention of Indian government to help Non Residential Indians who are in trouble due to corona pandemic in Saudi Arabia.

He said in a press rease that expatriate Indians are in concern  as number of corona infected people and  deaths are increasing in danger level.

Hea said, "the Saudi health minister's statement a few days ago indicates that the situation in Saudi needs to be taken more seriously with precautionary methods. There are concerns among expatriates because the number of people infected with the coronavirus and the number of deaths reported in various provinces are increasing at an alarming rate."

"Saudi Government and Health Ministry are taking excellent precautionary measures, however, in the coming days expect to see the number of cases to increase in Saudi Arabia. The Indian government needs to take diplomatic and immediate intervention to ensure the treatment of Indian expatriates considering the number of effected people increasing", He said.

He also urged that the Embassy and the Government of India should ensure qaurantiane faculty for Indian expatriates and arrange special low cost flights to bring back expatriates who would like to return home country.

" Government of India and Indian embassy need to intervene immediately to ensure that the quarantine system is in place for Indian expatriates as the facilities in the rooms where the residents are staying together are very limited. There should also be a mechanism to organize low-cost flight services for expatriates who are ready to go home. The government system should also be able to accommodate the expatriates in special quarantine areas in hometown as soon they arrive in India", he urged.