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Aug 27, 2024
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Sent more than Rs 6 lakh abroad? You may get a tax notice by December 31, 2024
The Central Board of Direct Taxes (CBDT) has commenced a thorough examination and validation of specific high-value outward foreign remittances to identify any inconsistencies in their reporting in ITR and potential tax avoidance. Experts say that if you are among the identified taxpayers who have been found to have evaded taxes, then you may get a notice under section 133, and/or 131 (1A) and/or, 142(1) and/or, 143 (2), and/or 148, etc.
According to a report by The Economic Times, this comprehensive scrutiny and verification of high-value outward foreign remittances is for transactions above Rs 6 lakh. The reason behind this move is that CBDT has noticed many cases where foreign remittances and expenditures did not align with the income declared by individuals.
Highlighting the scale of the discrepancy in reporting, an official quoted in The Economic Times news report said an individual with a declared annual income of Rs 5 lakh has been found to have sent Rs 15 lakh abroad in the last three years using three different dealers so that these transactions do not attract the mandatory Tax Collected at Source (TCS).
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