#form 15ca

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CHANGES IN FORM 15CB & 15CA – w.e.f 1st April 2016

  CA Rajan Raichura

Furnishing of Information in Respect of Payments made to the Non-Resident

Section 195 of the Income-tax Act empowers the Central Board of Direct Taxes to capture information in respect of payments made to non-residents, whether chargeable to tax or not. Rule 37 BB of the Income-tax Rules has been amended vide Notification No. G.S.R. 978(E) dated 16th December, 2015 to strike a balance between reducing the burden of compliance and collection of information under section 195 of the Act.

The significant changes under the amended Rules are:  

No Form 15CA and 15CB will be required to be furnished by an individual for remittance which do not requiring RBI approval under its Liberalised Remittance Scheme (LRS)

Further the list of payments of specified nature mentioned in Rule 37 BB which do not require submission of Forms 15CA and 15CB has been expanded including payments for imports. Following are the five new exempt payment types:-

Advance payment against imports

Payment towards imports-settlement of invoice

Imports by diplomatic missions

Intermediary trade

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

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

Prescribed form No. 15CC for Quarterly statement to be furnished by an authorised dealer in respect of foreign remittances made by him.

Form No. 15CA has been classified into 4 parts – Part A, Part B, Part C and Part D.

Process related to Form 15CB & CA has been completely revamped by the IT Department and now IT Department expecting the certifying CA to certify the Form 15CB via online, similar to an Audit Report.

The Online Process related to Form 15CB & CA explained in nutshell;

Online Process related to Form 15CB:

The Remitter / Company has to ‘Add CA’ in e-filing Portal, whoever is signing the Form 15CB

The ‘Form 15CB’ xml file has to be generated with the help of a ‘Utility’, Signing manual / paper form is discontinued

So added CA shall upload the Form 15CB xml file with one’s own e-Filing Login

The Remitter / Company has to approve the same

Once approved, the Remitter will allotted with an ‘Acknowledgement Number’, which has to be Keyed-in when prompted, while filing ‘Form 15CA’

Online Process related to Form 15CA:

The Remitter / Company has to Login to Company’s ‘e-filing’ portal

Using ‘DSC Management Utility’ the Remitter / Company need to create a ‘Signature xml file’ to upload it while filing Form 15CA

Under ‘e-file’ tab, select ‘Prepare and submit online Forms (Other than ITR)’ and select 15CA

Follow the instructions and steps as seen onscreen to file the Form 15CA online

All about form 15CA & Form 15CB

CA Manish S. Savalkar

1. Why Form 15CA?

Form 15CA is a Declaration of Remitter and is used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident. This is starting of an effective Information Processing System which may be utilized by the Income tax Department to independently track the foreign remittances and their nature to…

Check List for Making Form 15CA and 15CB by Professionals

CA Pratik Anand

Nowadays Form 15CA and 15CB are of a lot importance. We professional atleast have to issue one Form 15CB every day and form 15CA is also to be made by the professional on behalf of the client.

Form 15CA is a Declaration of Remitter and is used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident. This is…

Exclude Import related payment from Form Form 15CA & Form 15CB Requirements – ICAI

Issues arising from Notification No 67/2013, dt 2-9-2013 amending Rule 37BB of IT Rules, 1962 wrt Foreign Outward Remittances- Form 15CA & Form 15CB

Ministry of Finance has recently amended Income tax Rules vide Notification No 67/2013, dt 2-9-2013 with regard to Foreign Outward Remittances and Form 15CA &15CB. This notification is in supersession of an earlier Notification No 58/2013, dated 5-…

Requirement of Form 15CA and Form 15CB when remittance is not taxable

CA Pankaj G. Shah

Form 15CA is a Declaration of Remitter and is used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident. This is starting of an effective Information Processing System which may be utilized by the Income tax Department to independently track the foreign remittances and their nature to determine tax…

IT Dept. Releases updated utility of Form 15CA

CA Sandeep Kanoi

Tax deductor and collector holding valid TAN can register  and use the TAN based credentials to file Form 15CA but to fill form 15CA if no tax is been deducted it is still not mandatory for remitter to have TAN.

Link To Register on Income Tax E-Filing Website

https://incometaxindiaefiling.gov.in/e-Filing/Registration/RegistrationHome.html (more…)