New Income Tax Notice will be issued Till Dec 2024 I Sent money Abroad i CA Satbir singh
New Income Tax Notice will be issued Till Dec 2024 I Sent more than 7 lakh Abroad i CA Satbir singh
0:00 New Income Tax Notices
0:48 High-value outward foreign remittances
1:32 Analysis of Form 15CC
2:49 Reporting in AIS and 26AS
3:30 Issue of Notice by Income Tax Department
4:34 Time Period for Issue of Notice
5:34 What should Taxpayer Do ?
6:17 TDS and TCS on Foreign Remittance
The article you provided discusses the Central Board of Direct Taxes (CBDT) intensifying scrutiny of high-value foreign remittances to identify potential tax evasion. Here's a summary of the key points:
CBDT Scrutiny of Foreign Remittances:
The CBDT is examining transactions exceeding Rs 6 lakh to detect inconsistencies between reported income and foreign expenditures.
This scrutiny aims to uncover potential tax evasion cases.
Focus on Form 15CC Data:
The CBDT is analyzing Form 15CC data filed by banks to verify the accuracy of foreign remittance declarations.
Form 15CC is used to report information related to remittances sent outside India under the Liberalised Remittance Scheme (LRS).
Potential Tax Notices:
Taxpayers found to have evaded taxes through mismatched foreign remittance reporting may receive notices under various sections of the Income Tax Act, including 133, 131(1A), 142(1), 143(2), and 148.
The time limit for issuing these notices depends on the specific section and the amount of the discrepancy.
Importance of Accurate Reporting:
It's crucial for taxpayers to accurately report their foreign remittances in their ITRs to avoid potential tax penalties.
Maintaining proper documentation for foreign remittances is essential for verification purposes.
#IncometaxNotice #foreignremittance #money sent
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