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
If you read the History of Meelad un Nabie (Sallallaho Alaih-e-Wassalam) The biggest and the most grand Meelad was celebrated by Allah Ta'ala so from where it became bidat to rejoice on the birth day of Our Beloved Prophrt Sallallaho Alaih-e-Wasalam)? Be happy dont cry bidah like the shaitaan.
Kind words/Kind behavior is for non Muslims/Momins not for the Munafiqs who oppose Mouludunnabi and ask for the proof to celebrate the Moulood, for those Munafiqs Allah Subhan wa Ta'ala has used some words in Quran Surah Al Qalam Verse 13
When Allah Almighty has used those words we are following the Quran there is no harm in using those words for a Munafiq.
Mr. Sayed Kaleem, please use kind words on one another....this is what it is lacking in Muslims....they think superior to one another....if you can try to convince others with your comments with nice words.....try to be a good person first....
Surah Al Ma'idah Verse 114
Surah Al Duha Verse 11
Surah Al Fatha Verse 28
Surah Al Saf Verse 6
Surah Touba Verse 128
Surah Aal E Imaran Verse 164
Surah Al Yunus Verse 57/58
Surah Al Anbiya Verse 107
O Blind , when did you read the Quran? Are you Munafiqs? go back to Quran search for the above ayas
There is no aya in Quraan or any hadeeth which says date or celebrate prophet's birthday. People who dont read tafseer of Quraan do this kind of foolish things to show other religions dat we are not united. There is no one such incident where sahabas have celebrated Rasool's birthday.Guys please wake up & read Quraan wit Tasfeer & follow authentic Hadeeth...May Allah give Hidaya to these people who have taken wrong path by themselves
No Comments/Objection for any Muslim sponsoring cricket tournament and spending lacks of rupees with half naked women dancing on the stage, No question/Objection for the Muslim youths wearing uniform and playing cricket spending their time on the ground why you munafiqs have not questioned, No Objection/Comments on those Muslim college students protesting on the street and blocking the roads and damaging the Goverment Properties and blocking the the roads were many people are serious need to go to hospitals.
why only when the celebration is only for the Milad of the Prophet Sallallahu Alaihi Wassallam.
the above question is for all the Munafiqs who object the Celebration of the Mouludunnabi Sallallahu Alaihi Wasallam.
Moulud or Milad is Prophet's (PBAUH) birthday, which is being celebrated every 3rd month 12th day of the Hijra year... but why moulanas asking people to celebrate it throughout the year....I did not get it....like if there is happiness or sadness or grief they ask people to celebrate birthday of prophet (PBAUH)...no clue....
When a cricket tournament is organized by a muslim sponsor in which half naked women dance on the stage those money spent is not questioned from this idiots, they have problem when a Milad rally is organised where people gather and send Salaath on the beloved Rasool of Allah.
This is very much clear that those who oppose the Milad rally are munafiqs.
Warafa'na Laka zikrak. Rahega yunhi unka charcha rahega, padey khaak ho jaye jaljaney waaley.
U people are blocking the road. Where many people who are serious may have to go to hospital.
We all love our beloved prophet. Don't trouble others during that day.
Many countries giving holiday NOT to celebrate on streets.
Giving zakat to poor is the best celebration.
Sure.. Miskeens will be wholeheartedly invited for my milad to enjoy free biryani..
EID Milad un nabi (SAW) Mubarak Ho for all Momin
FOR ALL THOSE PEOPLE WHO INSIST FOR CHARITY TO POOR PEOPLE RATHER THAN SPENDING FOR MILADUNNABI
PLEASE IMPLEMENT A SYSTEM IN YOUR LIFE AND FAMILY THAT ANY MARRIAGE FROM UR FAMILY WILL BE SIMPLE, AVOID MARRIAGE HALL, AVOID DECORATION, AVOID MEHENDI FUNCTION, AND DONT CELEBRATE BIRTHDAY OF UR KIDS, SPOUSE, BROTHER, SISTER ETC, DONT CELEBRATE THE MARRIAGE ANNIVERSSARY.
INSTEAD DO CHARITY.
FIRST OF ALL EVALUATE YOURSELF AND DETACH FROM ALL THESE DEEDS, THEN COMMENT......
Mr. Salman, when is your milad????
Why don't our Muslim community use brain instead of following the Misguided ulema or grand fathers....
Biddath Mubarak to all Laddu's
Mr.Salman Bhai .u r absolutely right....
Mr. A, FYI, our community is supporting all poor people when it's required at any time and it's not limited to our festivals. Let's them enjoy their day, and don't spit venom...
Happy miladunnabi to fellow muslims...
Very unfortunate. ignorant community celebrating our beloved prophet's death day. which is Rabi Alawwal 12. In Lillahi wa inna ilahi raajioon. Ee qoum eppa sudarra?
What a moment... Jab tak hai jaan... Insha Allah jaroor manayenge eid e milad.. Thanks CD for the coverage n waiting for today's evening procession coverage.
Instead of spending huge money for uniforms , why cant you donate cloths to poor children in the remote area during the birthday of prophet mohammed ??? To whom you wants to show road rally?? why all this celeberations?? There is no birthday celeberations in Islam.
If you want to celeberate Milad, celeberate like Eid ul Fitr and Eid ul Adha when charity is the important order from prophet these two days.
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