15CA/CB Certificate
Simple Certificate Process
With CAFilings excellent support at best price, To file the “Form 15CA”, user should hold valid PAN/TAN and should be registered at e-Filing portal.
Revised rules relating to preparation & submission of Form 15CA and Form 15CB has been given by Income Tax Department. CA Filings assist in formation of 15CA/CB @ Just Rs. 6000/- only.
What is 15CA/CB Certificate?
The payments which are chargeable to tax in the hands of recipient non-resident is declared by remitter in Form 15CA. The Income tax Department may utilize this information to independently track the foreign remittances and their nature to determine tax liability. Before remitting the amount, authorised dealers/ Banks are becoming more vigilant in ensuring that they receive such Forms.
A certificate from a Chartered Accountant in Form 15CB is need to be obtainted by the person making the payment (remitter). Central Board of Direct Taxes (CBDT) has prescribed the format of Form 15CB. Earlier only income chargeable to income tax in India had to be reported but now any sum whether or not chargeable to income tax, if any person makes any payment to a non-resident, shall furnish form No. 15CA & 15CB.
The penalty of Rs. 1,00,000 can be levied on the assessees if any payment to non-resident (either by Bank Transfer / Credit Card / Paypal) has been made and the relevant form is not filed or incorrectly field.
With effect from 1st June, 2015 for all outward cross border remittances submission of form 15CA/CB are required by all the assesses.
Revised rules are effective 1st April 2016.
The significant changes are as follows –
- Form 15CA and 15CB will be NOT be required to be furnished by an individual for remittance which do not requiring RBI approval
- List of payments of specified nature mentioned in Rule 37 BB which do not require submission of Forms 15CA and 15CB has been expanded from 28 to 33 including payments for imports.
- Form No. 15CB will only be required for payments made to non-residents which are taxable and the payment exceeds Rs. 5 lakh.
Here are the full details
A person responsible for making a payment to a non-resident or to a foreign company has to provide the following details –
When payment made is Rs 5lakhs or less
For such payments information is required in Part A of Form 15CA
When payment made exceeds Rs 5lakhs
- A certificate from Assessing Officer under Section 197
- An order from Assessing Officer under section 195(2) or 195(3)
- Part B of Form 15CA has to be provided
- Certificate in Form 15CB from an accountant
- Part C of Form 15CA
When the payment made is not chargeable to tax under income tax act
- Part D of Form 15CA
- In the following cases no submission of information is required
- the remittance is made by an individual and it does not require prior approval of Reserve Bank of India [as per the provisions of section 5 of the Foreign Exchange Management Act, 1999 (42 of 1999) read with Schedule III to the Foreign Exchange (Current Account Transaction) Rules, 2000]
- or the remittance is of the nature specified in the list below:
Documents required for Form 15CA and 15CB
- Name of the Remitter
- Address of the Remitter
- PAN of the Remitter
- Principal Place of Business of the Remitter
- E-Mail Address and Phone No. Of Remitter
- Status of the Remitter (Firm/Company/Other)
B. Details of Remittee
- Name and Status of the Remittee
- Address of the Remittee
- Country of the Remittee (Country to Which Remittance Is Made)
- Principal Place of the Business of the Remittee
C. Details of the Remittance
- Country to Which Remittance Is Made
- Currency in Which Remittance Is Made
- Amount of Remittance in Indian Currency
- Proposed Date of Remittance
- Nature of Remittance as Per Agreement (Invoice Copy, If any)
D. Bank Details of the Remitter
- Name of Bank of the Remitter
- Name of Branch of the Bank
- BSR Code of the Bank
E. Others
- Father’s Name of the Signing Person
- Designation Of The Signing Person
| Rule 37BB | |
| Sl. No. | Nature of Payment |
| 1 | Indian investment abroad -in equity capital (shares) |
| 2 | Indian investment abroad -in debt securities |
| 3 | Indian investment abroad-in branches and wholly owned subsidiaries |
| 4 | Indian investment abroad -in subsidiaries and associates |
| 5 | Indian investment abroad -in real estate |
| 6 | Loans extended to Non-Residents |
| 7 | Advance payment against imports |
| 8 | Payment towards imports-settlement of invoice |
| 9 | Imports by diplomatic missions |
| 10 | Intermediary trade |
| 11 | Imports below Rs.5,00,000-(For use by ECD offices) |
| 12 | Payment- for operating expenses of Indian shipping companies operating abroad. |
| 13 | Operating expenses of Indian Airlines companies operating abroad |
| 14 | Booking of passages abroad -Airlines companies |
| 15 | Remittance towards business travel. |
| 16 | Travel under basic travel quota (BTQ) |
| 17 | Travel for pilgrimage |
| 18 | Travel for medical treatment |
| 19 | Travel for education (including fees, hostel expenses etc.) |
| 20 | Postal Services |
| 21 | Construction of projects abroad by Indian companies including import of goods at project site |
| 22 | Freight insurance – relating to import and export of goods |
| 23 | Payments for maintenance of offices abroad |
| 24 | Maintenance of Indian embassies abroad |
| 25 | Remittances by foreign embassies in India |
| 26 | Remittance by non-residents towards family maintenance and-savings |
| 27 | Remittance towards personal gifts and donations |
| 28 | Remittance towards donations to religious and charitable institutions abroad |
| 29 | Remittance towards grants and donations to other Governments and charitable institutions established by the Governments. |
| 30 | Contributions or donations by the Government to international institutions |
| 31 | Remittance towards payment or refund of taxes. |
| 32 | Refunds or rebates or reduction in invoice value on account of exports |
| 33 | Payments by residents for international bidding. |
