1 / 5

Form 15CA and form 15CB – Complete guide on filing

Read this article to learn everything there is to know in detail about form 15ca and 15cb. Understand the requirements and applicability of forms 15ca and 15cb.

Vinit7
Download Presentation

Form 15CA and form 15CB – Complete guide on filing

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Form 15ca and 15cb

  2. All About Form 15CA and Form 15CB When a person makes any payment or remit any money to non resident, the bank will need to check whether the tax was paid or not There are at least 28 types of foreign remittances where you do not require any submission of Form 15CA and 15CB If the remittance or the aggregate of remittances is not higher than Rs 5 lakh in a particular financial year, you need to fill Form 15CE Foreign remittances have tax implications, which many times is missed out inadvertently by taxpayers. As per section 195 of the Income Tax Act, tax is required to be deducted for any sum which is taxable under the Income Tax Act. So when a person desires to make any payment or remit any money to non resident, the bank will require to check whether the tax was paid or not. If not paid; it will be checked if  it is certified by the Chartered accountant or the Assessing Officer. But there are at least 28 types of foreign remittance where you do not require any submission of Form 15CA or Form 15CB.

  3. What is 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 determine tax liability. Authorized Dealers/ Banks are now becoming more vigilant in ensuring that such Forms are received by them before remittance is affected, since now as per the revised Rule 37BB, a duty is casted on them to furnish Form 15CA (received from the remitter) to an income-tax authority for the purpose of any proceedings under the Income-tax Act. Income Tax Department has now created online facility to file information. Thus the Form 15CA is  required to be filed online with the tax department. After that, proof of online submission should be printed out. This copy is required to be given to the Bank as a proof of tax clearance from the tax department.

  4. What is Form 15CB? Form 15 CB is Form which is required to be signed by a Chartered Accountant. This is a kind of certification regarding rates and right kind of tax paid by you. Certain details are required from Form 15CB at the time of filing Form 15CA. At first glance it appears that Form 15CA is not required to be filled if the remittance or payment to non-resident Indian is not chargeable to tax. As per Income Tax (Fourteenth Amendment) Rules, 2013, No reporting in Form 15CA and 15CB is to be made in case of the following nature of foreign remittances since October 2013 has been provided in Rule 37BB.

  5. Thank You

More Related