The Income Tax Department has advised that Form 15CB (now Form 146 under Income Tax Act 2025) which is issued by Auditor for making foreign remittances to a foreigner through your Bank when amount exceeds Rs. 5 lakhs in a FY should be issued after proper due diligence and ascertaining authenticity of the underlying transaction. The Department is closely monitoring foreign remittances by organizations including charitable institutions to ascertain veracity of such foreign remittance transactions.
Please be careful while issuing Form 15CA (now Form 145) or using Form 15CB (now Form 146) issued by auditor for foreign remittance transactions.
Press release from IT Department attached for reference.
CS Sharad Bhargava
