New Delhi, April 30 -- If you are looking to send money overseas from India, you should be aware that the government of India has introduced several important changes to the reporting of foreign remittances. Sending money overseas from the country now involves a revised tax compliance process.

The Income Tax Department has replaced the earlier Forms 15CA and 15CB with Forms 145 and 146, the new forms for reporting foreign remittances.

You are required to complete these forms before making certain payments to non-residents, foreign companies or NRIs. Banking institutions, associated parties, and authorised dealers may ask you to submit these documents before processing international transfers.

The objective of these changes is to stream...