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• Those who send money abroad on the income tax department's radar!
• A massive investigation into suspicious transactions across the country
• What is this action?

Foreign Money Transfer : Sending money abroad is not a big deal. But if the amount is very large and doubtful” transfer) The Income Tax Department has taken a major step to crack down on remittances. The department has launched a nationwide probe into these suspicious money transfers. The inquiry covers approximately 394 organizations and 36 professionals. The department has given this information through a press release. What exactly is in this letter “text-align: justify;”> Fasting Special Burger Mc D : What are you saying? McDonald's brought fasting burger… What exactly is it made of?

Press release issued

The department has issued a press release on its X account. The caption accompanying the press release said, “Income Tax Department has launched a countrywide inquiry into suspicious foreign money transfer. The inquiry has been initiated based on intelligence analysis and first-hand information. It has come to light that some entities have remitted large sums of money abroad, but their business on paper is shown to be negligible or non-existent.”

Explaining this, he further said, 'Professionals issuing Form 15CB/Form 146 certificates should take due precautions and take informed decisions. The department has clearly laid special emphasis on this.'

When will the investigation begin?

The press release said that the investigation has started on August 18. In particular, such companies and organizations are being investigated, whose remittances do not match their declared business and income. According to the CBDT, some suspicious entities have been identified during the inspection of remittance data and other information for the last three years. So what exactly is behind it all? This action has been started to find the answer to this question.

Who else will be investigated?

In this case, not only the companies, but also the 36 businessmen who issued Form 15CB certificates for remittance will be probed. CBDT's data analysis revealed that a large number of Form 15CB certificates were issued by a few traders. Moreover, this amount was reaching selected institutions. This has raised concerns as to whether the necessary due diligence was properly undertaken before issuing the certificates.

Additionally, approximately 117 institutions located in states bordering India's international borders are also under the ambit of the probe. Please note that further investigation is underway in this matter. If evidence of irregularities or violation of rules is found, further action may be taken by the Income Tax Department against the concerned organizations and individuals.

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