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SRK gets notice from Income Tax department

The tax department asked the bollywood actor to spell out offshore investments

Policy Pulse
Publish Date: Jul 25 2016 7:50AM | Updated Date: Jul 25 2016 7:50AM

SRK gets notice from Income Tax department

In the continued high-pitched hunt for hidden assets of the rich, actor Shah Rukh Khan has also received a notice from the income-tax department about a fortnight ago. The department has asked Khan to give the details of his investments in the other countries.

 

The tax office seeks details of Khan's offshore investments in Bermuda, British Virgin Islands (BVI) and Dubai. It is unclear whether the department has any solid evidence to believe that Khan's overseas asset is his undisclosed wealth. 

 

The notice was sent under Section 131 of the Income-Tax Act, which empowers tax authorities to conduct enquiries. The department is going beyond the actor's disclosed ownership of shares of companies.

 

According to the sources, besides Khan, a few industrialists who have structured investments through Singapore have received similar notices.

 

It happens at a time when the government is going after many wealthy Indians who did not declare overseas bank accounts and assets such as properties and stocks.