Why Form 15CA?

A person making the remittance (a payment) to a Non Resident or a Foreign Company has to submit the form 15CA. 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.

This form helps Income Tax Department in tracking foreign remittances & their taxability. As per Rule 37BB, it is a duty of authorized dealers/banks to ensure that such forms are received by them from the remitter.

No Form 15CA will be required to be furnished by an individual for remittance which do not require RBI approval under its Liberalized Remmittace Scheme (LRS).

The furnishing of information for payment to non- resident, not being a company, or to a foreign company in Form 15CA has been classified into 4 parts –

PART A: – Where the remittance or the aggregate of such remittance does not exceed 5 lakh rupees during the F.Y. (whether taxable or not).

PART B: – Where an order /certificate u/s 195(2)/ 195(3)/197 of Income Tax Act has been obtained from the A.O. (Whether Nil rate or Lower rate Certificate).

PART C: – Where the remittance or the aggregate of such remittance exceed 5 lakh rupees during the FY.

PART D: – Where the remittance is not chargeable to tax under Domestic law.

Form 15CA can be downloaded by pressing the below button:

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