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Details-about-form-15CA-and-15CB

 

Details about form 15CA and 15CB

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Form 15CA-

As per Section 195 of Income tax Act, 1961, every person liable for making a payment to non-residents shall deduct TDS from the payments made to non-residents if such sum is chargeable to Income tax. As per Rule 37BB, it is a duty of authorized dealers/banks to ensure that such forms are received by them from the remitter.

Form 15CA needs to be filled only if the remittance is chargeable to tax in India. If remittance/payment is not chargeable to NRI then Form 15CA is not required.

 

Form 15CA is divided into four parts-

Form

Particulars

Part A

 

If the remittance or the aggregate of remittance does not exceed Rs. 5.00 lakhs in that financial year or comes under the taxation under the Income Tax Act 1961.

 

Part B

If the remittance exceeds above Rs. 5.00 lakhs in that financial year or an order/ certificate u/s 195(2)/ 195(3)/ 197 of Income tax Act has been taken from the Assessing Officer.

Part C

If remittance exceeds above Rs. 5.00 lakhs in that financial year under the income tax act 1961, a certificate in Form No. 15CB from an accountant has been obtained.

 

Part D

If the remittance is not exceeding the amount which is taxable under the income tax act 1961.

Note- A CA certificate (Form No. 15CB) will be required to be furnished only in case of payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds Rs. 5 lakhs.

 

 Form 15CB-

  • Form 15CB liability can be ascertained and certified by obtaining the Certificate from a Chartered Accountant in Form no. 15CB. This certificate has been prescribed under Section 195(6) of the Income-tax Act and is an alternate channel of obtaining Tax clearance apart from Certificate from Assessing Officer.
  • In form 15CB, A CA certifies details of the payment, TDS rate and TDS deduction as per Section 195 of the Income Tax Act, if any DTAA is applicable, and other details of nature and purpose of the remittance.
  • Upload of Form 15CB is mandatory prior to filling Part C of Form 15CA. To prefill the details in Part C of form 15CA, the Acknowledgement Number of e- verified form 15CB should be verified.
 

Payment / Remittances which does not require 15CA & 15CB-

  • Individuals are not required to furnish the information in Form 15CA and 15CB for remittance which requires no RBI approval.
  • List of payments (33 items) mentioned below (as per rule 37BB) which does not require compliances and reporting through the submission of 15CA and 15CB is as under-

List of Payments with their code and nature-

S. No.

Code as per RBI

Nature of Payment

01

S0001

Indian investment abroad -in equity capital (shares)

02

S0002

Indian investment abroad -in debt securities

03

S0003

Indian investment abroad -in branches and wholly owned subsidiaries

04

S0004

Indian investment abroad -in subsidiaries and associates

05

S0005

Indian investment abroad -in real estate

06

S0011

Loans extended to Non-Residents

07

S0101

Advance payment against imports

08

S0102

Payment towards imports – settlement of invoice

09

S0103

Imports by diplomatic missions

10

S0104

Intermediary trade

11

S0190

Imports below Rs.5,00,000 – (For use by ECD offices)

12

S0202

Payment- for operating expenses of Indian shipping companies operating abroad

13

S0208

Operating expenses of Indian Airlines companies operating abroad

14

S0212

Booking of passages abroad -Airlines companies

15

S0301

Remittance towards business travel

16

S0302

Travel under basic travel quota (BTQ)

17

S0303

Travel for pilgrimage

18

S0304

Travel for medical treatment

19

S0305

Travel for education (including fees, hostel expenses etc.)

20

S0401

Postal services

21

S0501

Construction of projects abroad by Indian companies including import of goods at project site

22

S0602

Freight insurance – relating to import and export of goods

23

S1011

Payments for maintenance of offices abroad

24

S1201

Maintenance of Indian embassies abroad

25

S1202

Remittances by foreign embassies in India

26

S1301

Remittance by non-residents towards family maintenance and-savings

27

S1302

Remittance towards personal gifts and donations

28

S1303

Remittance towards donations to religious and charitable institutions abroad

29

S1304

Remittance towards grants and donations to other Government sand charitable institutions established by the Governments

30

S1305

Contributions or donations by the government to international institutions

31

S1306

Remittance towards payment or refund of taxes

32

S1501

Refunds or rebates or reduction in invoice value on account of exports

33

S1503

Payments by residents for international bidding”

A new form called Form No. 15CC has been prescribed for Quarterly statement to be furnished by an authorized dealer in respect of foreign remittances made by him.

 

Following information is required for filing form 15CA and 15 CB- -

Details of Remitter-

  • Name of the Remitter
  • Address of the Remitter
  • PAN of the Remitter
  • Principal Place of Business
  • E-mail Address and Phone No. of Remitter
  • Status of the Remitter (Firm/ Company/ Other)

Details of Remittee-

  • Name and Status of the Remittee
  • Address of the Remittee
  • Principal Place of Business
  • Country of the Remittee

Details of Remittance-

  • Country to which the Remittance is made
  • Currency
  • Amount of Remittance in Indian Currency
  • Proposed Date of Remittance
  • Nature of Remittance as per Agreement (Invoice Copy)

Bank Details of Remitter-

  • Name and Bank of Remitter
  • Name of Branch of the Bank
  • BSR Code of the Bank

Other Details-

  • Father’s name of the signing person
  • Designation of the signing person

Documents required for DTAA Benefit-

  • Tax Residency Certificate (TRC) from the Remittee (Tax Registration of the Country in which remittee is registered).
  • Form 10F duly filled by the Authorized person of the remittee (Self Declaration).
  • No PE (Permanent Establishment) declaration. This is mandatory if the Income is a business Income.



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