Have you received money from abroad into your account? These people are on the radar.
Today, India is the first country in the world where the maximum amount of money comes from abroad. This means that Indians top the list of people who send money back to their country after earning money from a job or business while living abroad. In such a situation, if your children, parents or any relative or friend sends you money from abroad, then this news may come in handy for you. In fact, people who receive money from abroad can come under the scrutiny of income tax. CBDT has started investigating such cases, where more than Rs 6 lakh has been sent to people abroad. If you also received an amount above Rs 6 lakh, let us know what the problem is…
That is why an investigation is being carried out.
CBDT has started investigating such cases as it wants to know if there was any manipulation in remitting such amount, for example, tax evasion or any other reason. According to information received by Economic Times, this step was taken after detecting cases where the people to whom this foreign money was sent did not agree with the income declared by them and there were also irregularities in TCS.
According to officials related to this matter, the board has asked the field formation to initiate the verification and investigation process of Form 15CC. Form 15CC is required for those people who receive money from abroad. Data related to this form after the year 2016 is being collected and will be analyzed.
These people are on the radar.
An official said that a revision was recommended last year. It will soon be available for field training. The official said that the measure will help the government identify cases where foreign money was sent but the taxpayer did not disclose the same in his returns. The official said that this measure will prevent tax evasion and ensure that money sent from abroad is properly accounted for.
The board will prepare a list of high-risk cases based on the examination of data from 2020-21 onwards. It has directed the field formations to prepare an SOP to detect high-risk cases and submit the list of such cases by September 30. The government has set December 31 as the deadline for sending the first notice to people with undeclared income.
20 percent TDS on over Rs 7 lakh
The first question that people get confused about is whether they can borrow money in a regular account or not. So, let us tell you that it is absolutely legal for you to receive money in your account from abroad sent by your relatives or friends. This also happens because many people have elderly parents living in India and their children living abroad send money to their Indian accounts.
The government charges 20 per cent TDS under the LRD for remitting more than Rs 7 lakh from abroad. However, if this amount is sent for medical or educational purposes, there is an exemption. If the person receiving money from abroad through Form 15CC certifies that the amount is not taxable, then no further details are required. Officials said the department has detected some instances of possible misuse of this exemption.
