New Delhi: If your children, parents or any relative or acquaintance sends money from abroad, then you may come under the scope of Income Tax investigation. The Central Board of Direct Taxes (CBDT) has started investigating such cases in which money of more than Rs 6 lakh has been sent to people from abroad. The purpose of this investigation is to know whether any fraud has been done in sending that amount, for example- tax evasion etc. According to the information received by our associate Economic Times, this step has been taken after detecting such cases where the foreign money sent to the people was not in accordance with their declared income and there was also discrepancy in TCS.
According to officials associated with this matter, the board has asked the field formations to start the verification process and investigation of Form 15CC. Form 15CC is necessary for those who receive money from abroad. Data related to this form after the year 2016 is being collected and it will be analyzed.
Those who do not give information in ITR will be traced
An official said that a review was recommended last year. It will soon be made available to field formations. The official said that this move will help the government to identify cases where foreign money was sent but the taxpayer did not give information about it in his filing. The official said that this move will stop tax evasion and ensure that the money sent from abroad is properly accounted for.
The list will be released next month
The board will prepare a list of high-risk cases based on the examination of data after 2020-21. It has directed the field formations to prepare a detailed standard operating procedure (SOP) to detect high-risk cases and submit a list of such cases by September 30. The government has set a deadline of December 31 to send the first notice to people with undeclared income.
20 percent TDS on more than Rs 7 lakh
The government levies 20 per cent TDS under LRD on sending more than Rs 7 lakh from abroad. However, if this amount is being sent for medical or education, then there is exemption in it. If the person receiving money from abroad through Form 15CC certifies that the amount is not taxable, then no other details are required. Officials said that the department has detected some cases of possible misuse of this exemption.
