Tax hounds are after rich and famous in Bollywood

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Shah Rukh…Receives a notice.

Tax hounds are said to be on the trails of rich and famous Bollywood super stars.

The latest reports are that the tax authorities are dealing with a mountain of information on offshore investments by a large number of Indians which include Bollywood super stars.

It is still unclear whether the department  has any prima facie evidence to believe that Shah Rukh 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 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.

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Amid reports of the tax department’s hunt for hidden assets of the rich and famous, actor Shah Rukh Khan has received a notice from the income-tax department.

About a fortnight ago, the tax office asked Khan to spell out details of his investments in offshore destinations, according to media reports.

The tax office sought details of Khan’s investments in destinations such as Bermuda, British Virgin Islands (BVI) and Dubai.

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. – CINEWS

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