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15 CA & 15 CB Filing

Filing of 15CA & 15CB

Rs.3999/- all-inclusive

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Form No 15CA/ 15 CB

The CBDT has amended Rule 37 BB of the Income-tax Rules and made following changes which are applicable from today itself i.e. 1st April 2016:
Sec 195(6) states that The person responsible for paying to a non-resident, not being a company, or to a foreign company, any sum,whether or not chargeable under the provisions of this Act, shall furnish the information relating to payment of such sum, in such form and manner, as may be prescribed.

Rule 37BB has been amended and provides that :

The furnishing of information for payment to a non-resident, not being a company, or to a foreign company in Form 15CA has been classified into 4 parts– Part A, Part B, Part C and Part D, wherein:
Part A
Where the remittance or the aggregate of such remittances does not exceed 5 lakh rupees during the FY.  (Whether taxable or not)
Part B
Where an order/ certificate u/s 195(2) / 195(3) / 197 of Income-tax Act has been obtained from the AO. (Whether NIL rate or Lower Rate Certificate)
Part C
Where remittance is chargeable to tax under domestic law and the remittance or the aggregate of such remittances exceeds 5 lakh rupees during the FY and a certificate in Form No. 15CB from a CA has been obtained electronically. (Utility available on Income Tax Efiling Website)
Part D
Where the remittance is not chargeable to tax under Domestic Law.
No 15CA / CB is required in following cases:-
 
  • if an individual is making remittance which do not requiring RBI approval under its Liberalized Remittance Scheme (LRS) or items mentioned in Schedule III to the Foreign Exchange (Current Account Transaction) Rules, 2000
                         or
  • if remittance is in the nature of 33 items provided in the rule 37BB. The main items are as follows:-
                       –   Indian investment in Equities or Debt securities abroad
                       –   Investment in Real estate abroad
                       –   Advance or Payment for Imports including Freight & Insurance
                       –   Remittance towards business travel
                       –   Travel for Medical Treatment
                       –   Payment for Education or Postal Services
                       –   Personal Gifts and donations
 
 
Key Points
  • Form 15CA and 15CB needs to be filled electronically
  • Exemption from filling is available for 33 transactions are given in the Rule 37BB including payments for imports. 
  • Penalty of Rs. 1 lakh for each default of non-filling will be applicable.

 

 

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 ownedsubsidiaries
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.