Now Reading: Income Tax Dept launches nationwide check on suspicious foreign remittances
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Income Tax Dept launches nationwide check on suspicious foreign remittances
Income Tax Dept launches nationwide check on suspicious foreign remittances
The Income Tax Department launched a nationwide verification on August 18 of suspicious foreign remittances, covering 394 entities and 36 professionals. The move follows data analysis and ground intelligence that showed entities sending large sums abroad despite little or no reported business activity. The department said these entities were either non-filers or filed returns showing very small turnovers.
Preliminary verification revealed that the remittances did not match stated purposes such as freight payment or software import. Many entities were found not operating from their declared addresses. The department also flagged that a small group of professionals had issued a large number of Form 15CB certificates, and that the funds were received by a clustered group of entities. It has asked accountants to exercise proper due diligence when certifying remittances.
Indian Opinion Analysis
The Income Tax Department's own statement is the sole source for both reports, which are near-identical press release rewrites. Greater Kashmir and LiveMint both lead with the official account of the department's 'nationwide verification' and detail the same suspicious patterns: shell entities, clustered professionals issuing Form 15CB, and address mismatches. Neither outlet adds independent reporting, criticism, or broader context on how much money is involved or whether similar exercises have yielded past prosecutions. The coverage is uniform straight reporting. A careful reader should note that the department's own numbers, 394 entities and 36 professionals, are the starting point, not the conclusion. The next concrete step is the outcome of the verification, including whether these lead to show-cause notices or tax demands.
Coverage: 2 sources, 2 neutral
Sources (2): livemint.com (neutral report), greaterkashmir.com (neutral report)
This story was synthesised by AI from the 2 sources linked above. Methodology and corrections.
Updated: this story now draws on 2 sources.
