IT Asks Superstar to Reveal Foreign Assets

Bollywood superstar Shahrukh Khan was served notices by the Income Tax department to disclose the details of the investments he made in foreign countries, particularly in Dubai, British Virgin Islands and Bermuda.

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Needless to mention that many of our celebrities are full time businessmen and run various industries not only in India but overseas. Most of the foreign assets of these celebrities like film stars are undisclosed. Sending notices to Shahrukh Khan is a move to make sure that these celebrities specify their investments.

Government of India, under the Finance Ministry is out for a campaign ‘Income Declaration Scheme’ and hence businessmen and other biggies who made offshore investments have to disclose their foreign assets. We know that Shahrukh is the second highest paid actor in the world and his income comes from various sources like films, endorsements and investments.