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Aug 13, 2024
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Outward remittances exceeding Rs 6 lakh come under I-T scanner
The Central Board of Direct Taxes (CBDT) has launched a comprehensive scrutiny and verification of high-value outward foreign remittances of above Rs 6 lakh to identify discrepancies in remittance data and likely tax evasion.
The move follows detection of cases where foreign remittances and expenditures did not align with the income declared by individuals, and lapses in tax collected at source (TCS), ET has learnt.
The board has asked the field formations to start the verification process and scrutiny of Form 15CC - a quarterly disclosure statement of outward remittances filed by authorised dealers to the income-tax department, officials aware of the development said.
The Form 15CC data was being collected and segregated since 2016 and it will be available for analysis from this year, they said.
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