Quick Summary
Based on ground intelligence and analysis of data on outward foreign remittances, the Income Tax Department has identified several suspicious entities that remitted large amounts of foreign exchange over the last three years. A nationwide network of entities engaged in remitting funds abroad was uncovered during a search operation conducted on a group of fictitious charitable trusts involved in providing accommodation entries against bogus donations/contributions. Preliminary ground verification
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FAQ :
The Department is investigating suspicious foreign remittances made by 394 entities over the last three years.
Entities making these remittances were often non-filers or had very small turnovers unrelated to the large sums sent abroad. Many were not operating from their declared addresses.
Form 15CB is a certificate issued by an Accountant to verify the taxability of foreign remittances, as required by income-tax rules.
Yes, the investigation includes 36 professionals who issued a large number of Form 15CB certificates, examining whether they exercised adequate due diligence.
The verification exercise focuses on shell entities, the individuals behind them, professionals issuing certificates, and entities located in districts along the country's land borders.
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