The Income Tax Department on August 18, 2026, launched a nationwide verification exercise to examine suspicious outward foreign remittances identified through ground intelligence and data analysis.
The following has been stated:
The exercise covers approximately 394 entities, including 117 entities located in land-border States, and 36 professionals who issued Form 15CB certificates.
The verification focuses on shell entities, persons behind such entities and professionals issuing Form 15CB/Form 146 certificates, particularly where reported turnover was low or entities were non-filers despite making substantial foreign remittances.
The Department has emphasised that Accountants issuing Form 15CB/Form 146 should exercise due care, diligence and professional judgment and properly examine the underlying transactions, books of account and relevant documents before certifying foreign remittances.
Further investigations are currently underway.
Please refer to the document attached below for more details.
