The Income Tax Department has intensified its scrutiny of individuals who have sent significant amounts of money abroad. The department is closely examining Form 15CC, a quarterly disclosure statement filed by Authorised Dealer (AD) Banks for outward remittances as inconsistencies between declared income and foreign remittances have been observed, raising questions about potential tax evasion. Our Partner (Head – Taxation) S R Patnaik shares his views on this in an article published by Business Standard. (Photo Credit: Business Standard)
