New I-T rules tighten norms for foreign remittances

THE new Income Tax rules, which come into effect from April 1, have expanded the reporting framework for remittances to nonresidents.

- DIPAK MONDAL @New Delhi

According to analysts, the newly notified Form No. 146 has introduced enhanced disclosure requirements and greater alignment with regulatory and tax treaty provisions compared to the existing Form 15CB.

A key change is the detailed capital gains reporting framework, wherein taxpayers are now required to furnish transaction-level particulars such as date of acquisition and sale, full value of consideration, cost of acquisition/improvement, and computation of long-term and short-term capital gains separately.