IT dept targets 394 entities over suspicious foreign remittances in 3 yrs: Official
According to CBDT, the turnovers had no apparent correlation with the large amounts of money being remitted abroad
The Income-Tax Department has launched a three-year nationwide investigation targeting approximately 394 entities for suspicious foreign remittances, including 117 entities in India's land-border states. The department identified these entities through ground intelligence and data analysis of foreign remittances. The investigation uncovered a network of entities engaged in remitting large amounts of foreign exchange, with no apparent correlation between the remittances and their stated purpose.
The entities involved were found to be either non-filers or filing income-tax returns with very small turnovers, and they did not operate from the addresses they declared. The department also uncovered that a significant number of Form 15CB certificates were issued by a small group of professionals. Form 15CB is required for payments made to non-residents or foreign companies when the payment exceeds ₹5 lakh in a financial year.
The department emphasized that accountants issuing these certificates should exercise due care, diligence, and professional judgment. The investigation is ongoing, with further investigations underway.
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