Income Tax Department verifies suspicious foreign remittances; 36 professionals who issued Form 15CB covered

What the Department found

According to the CBDT press release, analysis of outward remittance data and ground intelligence identified several suspicious entities that remitted large amounts of foreign exchange over the last three years. The network came to light during a search on a group of fictitious charitable trusts involved in accommodation entries against bogus donations.

Preliminary verification showed the remitting entities were either non-filers or were filing returns with very small turnovers. The turnover did not match the amounts remitted, nor the stated purpose — payment for freight, import of software or import of consulting services. The entities were also not operating from their declared addresses.

Why Form 15CB is in focus

The data showed a large number of Form 15CB certificates issued by a relatively small group of professionals, with the funds received by a clustered group of entities. Form 15CB read with Rule 37BB of the Income-tax Rules, 1962 — corresponding to Form 146 read with Rule 220 of the Income-tax Rules, 2026 — requires the Accountant to verify the taxability of the remittance with reference to the books of account and other relevant documents.

What Accountants are told

• Exercise due care, diligence and professional judgment before issuing Form 15CB / Form 146.
• Examine the underlying transaction and the relevant facts properly before certifying.
• The release says further investigations are underway.