Sent above a certain amount in outward foreign remittances? Here’s why you may be under I-T department scanner

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Times of India 4h ago

Sent above a certain amount in outward foreign remittances? Here’s why you may be under I-T department scanner - Times of India

Quick Summary:

The Central Board of Direct Taxes is reviewing foreign remittances over Rs 6 lakh for potential tax evasion, directing field formations to scrutinize Form 15CC data from the 2020-21 financial year.

The board will create a list of high-risk cases based on the scrutiny of data from the 2020-21 financial year onwards.

The initiative will enable the government to identify cases where remittances were sent but not reported by the taxpayer in their filings, the official added.