Income Tax Department probes hundreds of suspicious foreign money transfers
Business
The Income Tax Department is investigating hundreds of suspicious foreign money transfers after finding entities sending big amounts abroad without much business to show for it.
The probe, announced on X, uses three years of data and ground reports to spot unusual activity.
Officials identify 394 entities, 36 professionals
Officials say some of these entities were non-filers or had filed returns showing very small turnovers that didn't match their huge remittances.
Some claimed the money was for things like software or consultancy, but the numbers didn't add up.
The department is now looking at 394 entities (including some near border areas) and 36 professionals who issued Form 15CB/Form 146 certificates, reminding everyone to be careful with paperwork and respond quickly if questioned.