August 19, 2026 12:19 PM
Income Tax Dept launches nationwide verification of suspicious foreign remittances
The Income Tax Department has launched a nationwide verification exercise into suspicious foreign remittances after identifying entities that allegedly transferred large amounts of foreign exchange despite reporting little or no turnover, the Central Board of Direct Taxes (CBDT) said on Wednesday. According to a CBDT press release, the action followed ground intelligence and analysis of data on outward foreign remittances over the past three years. The department said it uncovered a network of ...