Shah Rukh Khan's off-shore investment under IT scanner, notice sent

According to a report published in the Economic Times, Bollywood superstar Shah Rukh Khan is currently on the radar of tax officials. He has reportedly been sent a notice a couple of weeks back by the Income Tax department to give details of investments in several offshore destinations. 

SRK reportedly has investments in countries like Bermuda, British Virgin Islands (BVI) and Dubai, known for their liberal tax laws. Now they are all under the scanner of the IT department. However, it is not clear whether the IT department has any information whether the investments reflect any undisclosed income. So whether SRK is guilty of any wrongdoing will only be known after the IT department goes through the nature of the investment and if they are in accordance with the law. 

According to the ET report, the notice was sent under Section 131 of the IT Act. The report also says that other celebrities have received mails to clarify their foreign investments as well. 

The government is currently putting a major focus on getting black money back with their Income Declaration Scheme (IDS). People who have undisclosed income can escape penal punishment through this scheme by paying a fine. Their names will also be kept secret. 

Lionel Messi was recently convicted for tax fraud, which has brought into focus the practice of celebrities often playing fast and loose with the rules.