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Notice sent to SRK to disclose offshore investments

Amirul Islam || risingbd.com

Published: 12:27, 25 July 2016   Update: 15:18, 26 July 2020
Notice sent to SRK to disclose offshore investments

Shah Rukh Khan

Entertainment Desk: Shah Rukh Khan has received a notice from the Income Tax department to reveal details of his investments in offshore destinations such as Bermuda, British Virgin Islands (BVI) and Dubai.
 
While tax authorities are dealing with a mountain of information on offshore investments by a large number of Indians, it is still unclear whether the department has any prima facie evidence to believe that Khan`s overseas assets reflect his undisclosed wealth.
 
A person aware of the development informed a popular daily that the notice was sent under Section 131 of the Income-Tax Act, which empowers tax authorities to conduct enquiries.  The department, it appears, is going beyond the actor`s disclosed ownership of shares of companies in tax havens to fish out information such as activities of these outfits, the decision-makers, directors, etc.
 
The notice to Shah Rukh may be aimed at reminding the rich that they should come clean under the ongoing Income Declaration Scheme (IDS), which is being aggressively marketed by the finance ministry as an opportunity to declare undisclosed local assets.

Source: Agencies

risingbd/DHAKA/July 25, 2016/Amirul

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