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Income Tax Department’s Verification Drive on Suspicious Foreign Remittances CBDT press release dated 18 August 2026 announcing a nationwide verification exercise targeting suspicious outward foreign remittances. The Department has identified entities that remitted substantial funds abroad despite reporting little or no genuine business activity. What Triggered the Investigation? The Income Tax Department analyzed foreign remittance …
Major Tax Dept. verification drive on suspicious foreign remittances The major income tax dept verification drives on suspicious foreign remittances and is particularly relevant for businesses making overseas payments and for professionals issuing Form 15CB/Form 146 certifications. What triggered the investigation of suspicious foreign remittances? The Income Tax Department’s nationwide verification exercise originated from search …
Overview on Income Tax Audit – Threshold Limits (When Tax Audit Is Not Required) A tax audit u/s 44AB may not be required if the taxpayer falls within the prescribed turnover/gross receipts limits and complies with the relevant presumptive taxation provisions. Tax audit applicability depends not only on turnover or gross receipts but also on …