'High-risk remittance' data under Income Tax department's scanner

The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not

The reporting and certification requirement in case of payments to non-residents has come under the Income Tax department’s scanner. The Central Board of Direct Taxes (CBDT) has directed tax sleuths to verify the “high-risk remittance” data and initiate action in the necessary cases.

The CBDT has formulated a set of revised risk parameters for selecting high-risk remittance data from forms 15CA/CB, required to be furnished by an individual if they make any payment to a non-resident, which are taxable and the payment amount during the year exceeds Rs 5 lakh. The apex body wants relevant information to be made available to