Quick Summary
The income tax department has identified 89 high-risk foreign remittance cases with suspected tax evasion of over Rs 100 crore each. Filtered through data analytics, these cases pertain to high-value remittances in FY20 and FY21, people aware of the details said. The department has already
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FAQ :
The income tax department has identified 89 high-risk foreign remittance cases.
The suspected tax evasion in these 89 cases is over £100 crore each. Additionally, 31 cases with suspected evasion above £50 crore have been identified.
These cases pertain to high-value remittances in FY20 and FY21.
The cases were identified through data analytics, which flagged discrepancies where declared income was not proportionate to money sent abroad and overseas transfers were not reflected in tax returns.
Form 15CC is required to be furnished by persons responsible for paying sums to non-residents, detailing overseas payments. Discrepancies in this form for FY20 and FY21 have led to the identification of more potential cases.
A 5% tax collected at source (TCS) is applicable on certain foreign outward remittances exceeding £7 lakh to ensure these transactions are captured and analysed for tax evasion.
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