2 weeks ago
India Tax Department Probes Suspicious Overseas Remittances Nationwide
India’s Income Tax Department is checking large amounts of money sent from India to other countries.
The investigation began on August 18, 2026, and covers transfers made during the previous three years.
Officials are looking at about 394 entities and 36 professionals.
Some entities reported little or no business income but sent large amounts of money abroad.
The reasons given for the payments did not always match the entities’ reported activities.
Some entities were also not found at the addresses listed in their records.
Officials are checking whether accountants properly examined documents before issuing Form 15CB certificates.
Taxpayers who receive notices should provide the requested records within the stated deadline.
The Income Tax Department launched a nationwide verification exercise on August 18, 2026, into suspicious foreign remittances made over the previous three years.
The exercise covers approximately 394 entities, including 117 in districts or states along India’s land borders, as well as 36 professionals.
Officials are examining suspected shell entities, the individuals behind them and professionals who issued Form 15CB certificates.
Many remitting entities were non-filers or reported very low turnover that appeared inconsistent with the large sums sent overseas.
The department raised concerns about remittances for freight, software and consulting services, missing businesses at registered addresses and possible gaps in certificate due diligence.
- Who
- The Income Tax Department, suspected shell entities and their operators, and 36 professionals who issued Form 15CB certificates.
- What
- A nationwide verification exercise into potentially suspicious outward foreign remittances.
- Where
- Across India, including districts or states along the country’s land borders.
- When
- The exercise was launched on August 18, 2026, and examines remittances made over the previous three years.
- Why
- Data analysis, ground intelligence and a search operation involving fictitious charitable trusts identified large overseas transfers by entities with little reported business activity and apparent inconsistencies in their finances, operations and stated payment purposes.
Key facts
- Launch date
- August 18, 2026
- Entities covered
- Approximately 394
- Entities in land-border areas
- 117
- Professionals covered
- 36
- Review period
- The previous three years
- Remittance purposes examined
- Freight payments, software imports and consulting services
- Certificates under review
- Form 15CB and corresponding Form 146
Quotes
Income Tax Department
Official spokesperson for India's Income Tax Department
“The Department emphasises that Accountants issuing certificates in Form 15CB/Form 146 are expected to exercise due care, diligence and professional judgment. They should properly examine the underlying transactions and relevant facts before certifying the remittances, as these certifications play an important role in maintaining trust in the system”
financialexpress.com
Sources
Income Tax Department Flags Suspicious Foreign Remittances, Overseas Transfers Under Scanner
Income Tax Department launches nationwide crackdown on suspicious foreign remittances: What should taxpayers know?
Taxman cracks down on suspicious overseas remittances
Income Tax Department Undertakes Verification Of Suspicious Foreign Remittances
Income Tax Department Launches Nationwide Probe Into Suspicious Foreign Remittances
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