Filing Form 15CA and 15CB
Whenever there is the repatriation of money by Resident Indian outside India, as per norms of RBI, the authorized banker cannot remit money unless and until form 15CA and 15CB are uploaded by the remitter by login into tax department website. What is Form 15CA? Form 15CA is a declaration by the remitter with respect to payments to be made to Non-Resident. What is Form 15CB? Form 15CB is a sort of certificate taken by Chartered Accountant wherein He/She certifies whether payment is chargeable to tax in India and whether proper tax has been paid before remitting such funds to Non-Resident. Both Form 15CA & 15CB are uploaded online.
List of Documents required for issuing form 15CB
List of Information required for issuing form 15CA and CBFollowing Information are normally required in order to prepare and upload form 15CA and 15CB:
- Name of Remitter
- PAN of Remitter
- TAN of Remitter
- Name & Address of recipient or Beneficiary of Remittance
- PAN of recipient of Remittance
- Country to which remittance made
- Currency in which remittance made
- Amount of remittance in foreign currency
- Amount to be transferred in Indian Rupees
- Name of Bank transferring money
- Name of Branch of Bank making remittance
- BSR Code ( 7 digit code) of Bank Branch making remittance
- Proposed date of remittance
- Amount of TDS in foreign currency
- Amount of TDS in Indian Rupees
- Rate of TDS as per Income Tax Act
- Actual amount of remittance after TDS in foreign currency
- Actual amount of remittance after TDS in Indian currency
- Date of deduction of Tax at Source
- Nature of remittance
- In a case of remittance is net of tax, whether tax payable has been grossed up. give computation of grossing up
- Email address of remitter
- Phone no. of remitter with STD code
- Email address of recipient of remittance
- Phone no. of recipient of remittance
Contents of Form 15CA
Form 15CA has been divided into 4 parts i.e. Part A, B, C & D depending upon an amount of remittances and other circumstances. PART A- It is used when the remittance is chargeable to tax as per Income Tax Act, 1961 (“the Act”) and an aggregate amount of remittances does not exceed Rs 5 lac during the FY. PART B – It is used when the remittance is chargeable to tax as per the Act and the aggregate amount of remittances does not exceed Rs 5 lac during the FY AND an order/ certificate u/s 195(2)/ 195(3)/ 197 of Income-tax Act has been obtained from the Assessing Officer. PART C- It is used when the remittance is chargeable to tax as per the Act and the aggregate amount of remittances exceed Rs 5 lac during the FY AND certificate from CA (or Accountant) in form 15CB has been obtained. PART D– It is used when the remittance is not chargeable to tax as per the Act.
Circumstances when no Form 15CA and 15CB are required Rule 37BB of Income Tax Rules prescribes conditions where no forms 15CA CB are required. These are given as under:
- Where Advance Payment has to be made against import
- Where Payment is made towards import-Settlement of Invoice
- In case of Imports by diplomatic missions
- In case of Intermediary Trade
- Where Import below Rs. 5,00,000/-
Circumstances when no Form 15CA 15CB are required
- In case the aggregate value of remittances during the financial year does not exceed Rs. 5 lakhs, Form 15CB will not be required.
- In the case where order/certificate of lower/no deduction is taken from the Jurisdictional Assessing Officer us 195(2), 195(3), 197 of the Act.
- When the remittance is not chargeable to tax.
Penalty in case of default In case of default of non-filing for forms 15CA/CB, penalty of Rs. 1 lakh will be applicable Can Form 15CA and 15CB be withdrawn once uploaded? 15CA can be withdrawn within 7 days of submission of the online form. However, at present, there is no option to withdraw form 15CB.