New Delhi: The Income Tax Department has launched a nationwide verification exercise into suspicious foreign remittances after identifying several entities that allegedly remitted large amounts of foreign exchange despite reporting little or no turnover, the Central Board of Direct Taxes (CBDT) said.
According to a press release issued by CBDT, the action followed ground intelligence and analysis of data relating to outward foreign remittances over the last three years. The department said it uncovered a network of entities allegedly involved in remitting funds abroad during a search operation targeting fictitious charitable trusts engaged in providing accommodation entries against bogus donations and contributions.
