FORM 15 CA AND CB

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FORM 15 CA AND CB

FORM 15 CA AND CB

A person making a remittance (a payment) to a Non Resident or a Foreign Company has to submit Form 15CA. This form is submitted online. Banks require these certificates before they make any remittance on your behalf to a non-resident. Authorized Dealers/ Banks are now becoming more vigilant in ensuring that such Forms are received by them before remittance is effected since now as per revised Rule 37BB a duty is casted on them to furnish Form 15CA received from remitter, to an  income- tax authority for the purposes of any proceedings under the Income-tax Act.

Form 15 CA comprises of four parts:

  1. PART A

To be filled up if the remittance is chargeable to tax under the provisions of the Income Tax Act,1961 and remittance or the aggregate of such remittances, as the case may be, does not exceed five lakh rupees during the financial year.                                                                                 

  1. PART B

. To be filled up if the remittance is chargeable to tax under the provisions of the Income Tax Act,1961 and remittance or the aggregate of such remittances, as the case may be, exceeds five lakh rupees during the financial year and

.  An order/certificate under section 197, 195(2), 195(3) of Income Tax Act,1961 has been obtained from assessing officer.

 

  1. PART C

. To be filled up if the remittance is chargeable to tax under the provisions of the Income Tax Act,1961 and remittance or the aggregate of such remittances, as the case may be, exceeds five lakh rupees during the financial year and

.  A certificate in Form 15 CB from an accountant as defined in Explanation below sub section(2) of section 288 nas been obtained

 

  1. PART D

Where the remittance is not chargeable to tax under Domestic law.

FORM 15 CB

.  15CB is the Tax Determination Certificate where the CA examines the remittance with regard to  chargeability provisions under Section 5 and 9 of the Income Tax Act along with the provisions of Double Tax Avoidance Agreements.

.  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

 

15 CA and 15 CB not required in following cases:

.  Individual is not required to furnish the information in Form 15CA and 15CB for remittance which requires no RBI approval.

.  List of payments (33 items) mentioned in Rule 37BB which does not require compliances and reporting through the submission of 15CA and 15CB.

 

Documents required for 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 Remit tee

.  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

 

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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