Income Tax
Octogenarian Bengaluru Chartered Accountant Validates Massive Outbound Remittances
Originally reported by The Times of India as: 81-year-old Bengaluru CA Seetaram Bhat issues 163 Form 15CB certificates for Rs 200 crore foreign remitta
8 Nov 2026, 11:42 am IST · Xecute.finance News Desk
The crisp read
An 81-year-old chartered accountant from Bengaluru, Seetaram Bhat, successfully issued 163 Form 15CB certificates covering Rs 200 crore in foreign remittances. This professional achievement highlights extensive compliance work in cross-border financial transactions by a senior practitioner. The undertaking required meticulous verification of tax compliance under applicable statutes.
Xecute Impact Breakdown
For CAs
- Verify all underlying financial documents, tax residency status, and applicable double taxation avoidance agreements before issuing Form 15CB certificates for foreign remittances.
- Stay updated with remittance guidelines to maintain accuracy in client deliverables and ensure appropriate tax deductions at source before funds are transferred abroad.
For businesses
- Ensure foreign remittances are accompanied by meticulous verification and appropriate tax deductions at source before funds are transferred abroad.
- Utilize statutory Form 15CB certificates issued by chartered accountants as a compliance safeguard for international fund transfers.
Deep dive - the full story
An 81-year-old Bengaluru chartered accountant, Seetaram Bhat, successfully processed and issued 163 Form 15CB certificates accounting for Rs 200 crore in foreign remittances. This milestone highlights significant professional output and thorough tax due diligence by a veteran practitioner in cross-border financial transactions. Form 15CB serves as a vital certificate issued by a chartered accountant under the Income Tax Act to verify the rate of TDS (Tax Deducted at Source), remittance details, and relevant domestic tax treaty provisions before funds leave the country.
Historically and currently, practitioners must independently verify the payer's tax clearance and underlying document authenticity, protecting the exchequer from revenue leakage during cross-border transfers. Practitioners handling international taxation must maintain rigorous documentation standards when certifying high-value outbound payments for clients. Tax professionals should verify all underlying tax residency certificates and withholding obligations to safeguard against future scrutiny by tax authorities.
Bottom line: rigorous attention to detail in cross-border certifications protects both clients and practitioners from regulatory liabilities.
Source: news.google.com
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