Some aspects related to forms 15cb & 15ca
1. What is the need of Form 15CB & 15CA?
♦ Person making the remittances to Non-Resident require submitting of Form 15CB & 15CA.
♦ Government has made these provisions to ensure the collection of tax from Non Resident at an earlier stage (when remittance is to be made) since collection may not be possible at later stage.
♦ As per section 195 of Income Tax Act, 1961, every person liable to make payment to non-residents shall deduct TDS from such payments made at the rates in force. The RBI also mandates that except in cases of certain personal remittances which have been specifically exempted, no remittances shall be made to Non-Resident without furnishing an undertaking in Form 15CA accompanied by Certificate from Chartered Accountant in Form 15CB.
2. What is Form 15CA?
3. What are the details and parts of Form 15CA?
> Part A- This part is filled by the remitter when the payment or total sum of the payment extended by the remitter to non-resident during financial year is Rs 5 lakhs or less.
> Part B- This part is filled by the remitter when the payments are more than Rs.5 Lakhs. Information is entered by the remitter in Part B after acquiring Certificate from Assessing officer(sec 197) or the order from Assessing Officer( sub sec (2) or (3) of section 195).
> Part C- If such payments are exceeded Rs.5 Lakhs during the particular financial year. Information is to be filled after acquiring Tax determination Certificate or Form 15CB from authorized CA (sub-section 2 of section 288).
> Part D- Payments made by the remitter not taxable under law, the information related to such payments is to be entered in Part D.
4. How to file Form 15CA?
Form 15CA is electronically filed on the income tax portal, there are following steps such as:-
a) Step 1:- login at e-filling portal at https://Incometaxindiaefilling.gov.in/.
b)Step 2:- Select the e-file from the menu and click Income Tax Forms and choose Form 15CA from the list.
c) Step 3:- Select the relevant part applicable from the Form 15CA and filled the information and then click Submit button. Once the Form is successfully submitted confirmation mail sent to the registered email.
5. What is Form 15CB?
6. How to file Form 15CB?
Digital Certificates are crucial document for filling both forms( Form 15CB & 15CA)
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