Why Form 15CB?
Form 15CA is the declaration by a person remitting funds from India to Non Resident. This declaration is certified by obtaining a certificate known as Form 15CB from a Chartered Accountant (CA). 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. Section 195(6) reads as under:
“The person responsible for paying to a non-resident, not being a company, or to a foreign company, any sum, whether or not chargeable under the provisions of this Act, shall furnish the information relating to payment of such sum, in such form and manner, as may be prescribed”
Perusal of Form 15CB makes it clear that there is no condition or exemption to obtain such certificate when the remittance is not chargeable to tax. In fact, this Form 15CB is the Tax Determination Certificate where the Issuer CA examines the remittance having regard to chargeability of tax as per the provisions of the Income Tax Act, 1961.
Though there is no penal provision prescribed in the Act if such Certificates in Form 15CB and Declaration in Form 15CA are not obtained, but it is in the interest of assesse to have a tax determination in Form 15CB from a CA, since Non-resident taxation involves various complex issues and the consequences of Non deduction are severe.
You can have a look at Form 15CB by clicking the Download button below.
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