Business StandardCenter·
Suspicious foreign remittances under income tax department scanner
The income tax department has launched a drive to verify "suspicious" foreign remittances by entities with little or no reported business activity, the persons behind them, and the chartered accountants who issued tax determination certificates. Entities located in districts along India's land borders and remitting significant amounts of money abroad have also been covered in the exercise. The exercise has covered approximately 394 entities (including 117 entities located in land-border states)…
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