Further analysis of the data also reflected that a large number of Form 15CB certificates were issued by a relatively small group of professionals as stated by the Income Tax Department. “The remitted funds were also received by a clustered group of entities. Form 15CB, read with Rule 37BB of the Income-tax Rules, 1962 (corresponding to Form 146 read with Rule 220 of the Income-tax Rules, 2026), requires the Accountant certifying a foreign remittance to verify its taxability with reference to the books of account and other relevant documents. The findings have raised concerns over whether adequate due diligence was conducted before issuing these certificates.
