Based on ground intelligence on outward foreign remittances, the Income Tax Department launched a nationwide verification exercise on 18th August 2026, covering approximately 394 entities (including 117 in land-border States) and 36 professionals who issued Form 15CB certificates for large remittances by shell entities with no apparent correlation to their declared turnovers or purposes. The Department emphasised that Accountants must exercise due care, diligence and professional judgment in verifying the taxability of remittances with reference to underlying books of account before certifying.
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