- Mar
- 14
- 2012
Form 15CA,15CB for remittance of payments to non-resident or foreign company
Currently, remittances to non-residents are allowed by banks if the person making the remittance furnishes an undertaking, accompanied by a certificate from a Chartered Accountant (“CA”) certifying the rate for withholding tax as per section 195 of the Act. The banks then forward the certificates to the Reserve Bank of India (“RBI”), which in-turn forwards it to the Income tax department.
Finance Act, 2008 inserted a new sub section (6) to section 195 effective from April 1, 2008, which requires the person responsible for making payment to a non-resident to furnish information relating to such payments in forms to be prescribed. The Central Board of Direct Taxes (“CBDT”) has now, by notification No 30/2009 dated March 25, 2009, prescribed a new rule 37BB in the Income Tax Rules, 1962 (“the rules”) prescribing Form 15CA and Form 15CB to be filed in relation to remittances to non-residents under section 195(6) of the Income Tax Act, 1961 (“the Act”). This new rule is effective from July 1, 2009 and shall apply to all remittances being made after July 1, 2009. The process that will have to be followed, before any remittance can be made, is as under—
Step 1 : Obtain a certificate from a Chartered Accountant in Form No 15CB
Step 2:Furnish the information in Form No15CA
Step 3:Electronically upload Form 15CA on the designated website
Step 4:Take Print out of Form 15CA and file a signed copy
Step 5:Remit money to the Non Resident
Please note that all the above steps have to be undertaken before remittance of money to the non-resident.
Notification no. 30/2009 is as below:-
In exercise of the powers conferred by section 295 read with sub-section (6) of section 195 of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (Seventh Amendment) Rules, 2009.
(2) They shall come into force with effect from 1st July, 2009.
2. In the Income-tax Rules, 1962, after rule 37BA, the following rule shall be inserted, namely:-
“Furnishing of information under sub-section (6) of section 195.
37BB. (1) The information under sub-section (6) of section 195 shall be furnished by the person responsible for making the payment to a non-resident, not being a company, or to a foreign company, after obtaining a certificate from an accountant as defined in the Explanation to section 288 of the Income-tax Act, 1961.
(2) The information to be furnished under sub-section (6) of section 195 shall be in Form No. 15CA and shall be verified in the manner indicated therein and the certificate from an accountant referred to in sub-rule (1) shall be obtained in Form No. 15CB.
(3) The information in Form No. 15CA shall be furnished electronically to the website designated by the Income-tax Department and thereafter signed printout of the said form shall be submitted prior to remitting the payment.
(4) The Director-General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture, transmission of data and shall also be responsible for the day-to-day administration in relation to furnishing the information in the manner specified.
FORM NO. 15CA- Download
FORM NO. 15CB- Download
Sandeep Kanoi+
Is Form 15CB if we buy a train ticket and air ticket in foreign currency
IF i have to make Interest payment for buyer credit on two different dates then i have to take two different certificate or one certificate is enough
I WANT TO KNOW CAN PART PAYMENT BE DONE ??? RPLY ASAP ITS URGNT AND IF YES THN HOW MUCH TDS TO BE DEDUCTED??? ON FULL OR ON HALF??
son is a NRI who sold a flat under STG and paid adv tax.NRO A/C TO CONVERTED AS NRE A/C.who will sign Form 15ca or who will trat as REMITTER AND REMITTANCE? Father have any right to sign on 15CA ?
sales proceeds of Immovable property, partially invested in capital gain tax bonds,now matured after three years.
wether entire sales proceeds alongwith interest on matured capital gain tax bond can be remitted by NRI.
There is no TDS provision applicable, how proceeds for 15ca & 15cb
If a deposit is kept in nro account for one year and on maturity renewed for further two years and at the end of three years, the depositor want to transfer the funds abroad, what details are to be given in 15ca and 15cb.Interest only for the last deposit, or interest for the previous one also?
and also, what r the dates to given in the form as date of tas deduction?
please clarify. thanks
I have uploaded the 15ca form and got an ackowledgement for the same but later realized that at one point i have made amistake and wrongly added a zero to one of the figures how do i edit it as i cannot fill a new form again
what are the consequences if anyone has not files either of two forms 15CA &15CB.?
AND as an auditor what are the rbi circular’s & fedai rules to be gone through in regard to remittances outside india and remittances in india.?
Can someone tell me the step by step procedure to transfer funds from indian NRO account to NRE account? I understand as per recent RBI decision this convention is possible. Anyone’s assistance will be highly appreciated.
Harish
I have uploaded the 15ca form and got an ackowledgement for the same but later realized that at one point i have made amistake and wrongly added a BANK DETAIL how do i edit it as i cannot fill a new form again
The clause say CA certificate is required for such remittance to Foreigner.
But how can CA verify that the beneficiary of the remittance is really a Non Residence, and they doesnt have any office / branch in India or has PAN number in India.
Is there a process to verify it or CA just need to give the certificate to its client just because he is our client.?
Doesnt it involve responsibility to CA? or is this just a matter of formalities?
Is Chartered accountant Stamp is compulsory in 15 CB certificate
dear sir,
hello thanks because i get form 15ca 15cb.
Dear sir,
As a auditor what should I check in foreign exchange in bank audit
If Form 15CA/15CB reqd for family remittances whether TDS applicable ? What’s rate ? What’s procedire for Refund as Income is below Taxable limit
PAN is oK for TDS agst having NO TAN Pl clarify all confusing situations
Whether F 15CA/15CB reqd for remittances made from NRO/NRE bank a/c to :
1 To original a/c holder i.e to him/herself for maintenance in abroad say Canada/Uk ?
2 To spouse/children/parents residing abroad say Canada/USA/UK ?
Dear greeting’s,
any payment made out of india requires Certificate from CA’s or there are list of payment to whom certificate is required ..?
like if “Mr.X” pays out of india as Fees for his Child whether MR. X also requires Certificate from CA?
please reply at your earliest ,
thanks,
AMIt Bhatia
Sir, should I hv to file 15CA & 15 CB , for remitting money approx Pound 4000 to my son in
U.K. The money which I will be remitting is his own money of PPF a/c in India, which is now
maturing. The PPF a/c was opened by him when he was in India,i.e. before 1995, when he was
medical college student. Thanks . pl guide. Ca K H Mahajan Mobile 9669910648
There is a big flaw on the online for as on 03 July 2012. Or maybe we have not been able to understand it properly.
In part 2 of the bank, there is a field that states – “Name of the bank *”, which is a required field, and the user has to select from a droplist. The list has a couple of options. What if the user has to transfer to a bank that is not there in this list. There is no Others option. Let’s say the user wants to transfer to Intesa Sanpaolo. There is no option. There are hundreds of big banks which are not there in this dropdown. Does this mean that an Indian resident cannot transfer to a business or individual who has an account in the banks which are not listed in this droplist?
Best wishes,
Varun Gupta
I have filed form 15CA and issued a certificate. But for certain reasons as per that particular bank`s rules the assessee was not allowed to transfer the same. As the assessee was in need of money abroad he wants to transfer the same from a different bank. So how do I cancel the certificate issued earlier.
I want more information on the concept of Foreign remittance made to foreign companies – the TDS applicability and the DTAA give to explain
I want more information on the concept of Foreign remittance made to foreign companies – the TDS applicability and the DTAA.
Regards,
Tejashwini
Whether the Central govt. departments are also liable to submit for 15cb and 15a for the payment of foreign exchange outside India.
I am very surprise that still the definition of “Accountant” section 288 of Income Tax Act 1961’ recognising only Chartered Accountant. Currently the standing committee of finance suggested to wide definition of “Accountant” and that will be good signal for professional and business community.
Form 15CA, 15CB…Any new provision in the current Budget 2012-13?
Is there any new provision in the current budget for the Form 15CB by a CA?
I wanted to know how to upoad forms 15ca & 15cb.
After Obtaining 15CB certificate and filing 15CA online, with in howmany days the actual remittance is to be made to the non-resident ?
I have uploaded the 15ca form and got an ackowledgement for the same but later realized that at one point i have made amistake and wrongly added a zero to one of the figures how do i edit it as i cannot fill a new form again
I am working in pvt .ltd company. I want to make payment to malaysia. Since two weeks I trying to get Form no. 15CA on internet. But acknowledgement is not generating plz help me
If an individual make payment to NRi against purchase of their immovable property. should he deducte tds & deposit the same with concern authority. But how can it is possible if the person who is buying propety have no Tan No.
I wanted to know how to upoad forms 15ca & 15cb…………..but could not know.
pls tell what is 15CA & 15CB form
I want excel base utility to upload bulk 15ca as per format given by nsdl
My company has supported a transaction between two foreign parties as a liasoner. Actually, we had arranged sale to one of them from other. We are going to give expenses bill to that party as liasoning expnse.
1. Wherher the service here can be said to done in india?
2. Is service tax to be charged on such bill?
3. I have heard that” the term “Liasoning” is not covered under service tax ? is it trur
Please if any one has idea …can reply me and plz give the relevant section also…