Shah Rukh Khan asked by Income Tax department to reveal his off-shore investments

| Monday, July 25, 2016 - 12:03
First Published |
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Mumbai: Income Tax department has served notice to Bollywood superstar Shah Rukh Khan seeking details of his investments in off-shore destinations. The department has asked details of SRK’s investments in destinations abroad such as Bermuda, British Virgin Islands (BVI) and Dubai. 
This is coming at a time when the government is driving the campaign of disclosing black money sending notices to wealthy and powerful Indians seeking disclosure of overseas assets and bank accounts. The notice issued to Khan is also a reminder to the rich to come clean. By this way, government’s Income Declaration Scheme (IDS), is also expected to be a successful attempt for unearthing black money. 
By giving notices to celebrities, government believes at making IDS a success. IT department is also keeping a check on those who did not declare their assets last year. 
However, IT department’s notice is no confirmation of Shah Rukh violating the laws. Earlier, Enforcement Directorate had also sought similar questions from the actor. 
“The government is making all efforts to make IDS a success. Notices are being issued to assessees to send the message that the government is serious and those who once again refuse to declare concealed income would face the music,” said senior chartered accountant Dilip Lakhani.

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