Income Tax On Foreign Income: If your children, parents or any relative or friend has received more than Rs 6 lakh from abroad, then this news can prove useful for you. Such people can come under the purview of income tax investigation. Let’s know what is the whole matter…
Income Tax On Foreign Income: In today’s time, India is the first country in the world where the maximum money comes from abroad. This means that Indians are at the top of the list of people who earn money from jobs or business abroad and send it to their country. In such a situation, if your children, parents or any relative or friend sends you money from abroad, then this news can prove to be useful for you. Actually, such people who get money from abroad can come under the purview of income tax investigation. CBDT has started investigating such cases where people have been sent an amount of more than Rs 6 lakh from abroad. If you have also received an amount of more than Rs 6 lakh, then let’s know what is the whole matter…
This is why the investigation is being done
CBDT has started investigating such cases because it wants to know whether any fraud has been done in sending that amount, for example – tax evasion or any other reason. According to information received by Economic Times, this step has been taken after detecting cases where the foreign money sent to the people was not in accordance with their declared income and there was also a discrepancy in TCS.
According to officials associated with this matter, the board asked the field formation to start the verification process and investigation of Form 15CC. Form 15CC is necessary for those who receive money from abroad. Data related to this form after the year 2016 is being collected and it will be analyzed.
These people are on the radar
An official said that a review was recommended last year. It will soon be made available to the field formation. The official said that this step will help the government to identify cases where foreign money was sent but the taxpayer did not give information about it in his filing. The official said that this step will stop tax evasion and ensure that the amount sent from abroad is properly accounted for.
The board will prepare a list of high-risk cases based on the examination of data after 2020-21. It has directed the field formation to prepare an SOP to detect high-risk cases and submit a list of such cases by September 30. The government has set a deadline of December 31 to send the first notice to people with undeclared income.
20 percent TDS on more than Rs 7 lakh
The first question about which people are confused is whether they can get money in a normal account or not. So let us tell them that it is absolutely legal that you can get money from abroad in your account which is being sent by your relatives. This also happens because many people have elderly parents living in India and their children living abroad send money to their Indian account.
The government takes 20 percent TDS under LRD on sending more than Rs 7 lakh from abroad. However, if this amount is being sent for medical or education, then there is exemption in it. If the person receiving money from abroad certifies through Form 15CC that the amount is not taxable, then no other details are required. Officials said that the department has detected some cases of possible misuse of this exemption.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
