Income Tax : Dive into the essentials of Form 15CA & 15CB, requirements, penalties for non-compliance, and exemptions. Learn how to ensure tax ...
Income Tax : Gain insights into Form 15CA and 15CB, essential for cross-border transactions. Learn their significance, types, and procedures to...
Income Tax : Understand Form 15CA/15CB and their filing process for cross-border transactions. Ensure compliance and transparency in internatio...
Income Tax : Learn what compliance regulations Non-Resident Indians (NRIs) must follow when selling property in India. Check TDS and TAN regula...
Income Tax : Explore the intricacies of IFSC Unit deductions under the Income Tax Act. Learn about eligible incomes, deductions under Sec 80LA,...
Income Tax : Guidance on uploading of Manually submitted Form 15CA and Form 15CB with Authorised Dealers between 7th June to 15th August 2021 i...
Income Tax : We are listing around 38 issues in portal and this is the beginning only because still we are working on preliminary aspects and f...
Income Tax : fter launching of the website by the Income Tax Department on 07th day of June, 2021 the members are facing the problems as discus...
Income Tax : As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the ...
Income Tax : The Income Tax Department is going to launch its new e-filing portal www.incometax.gov.in on 7th June, 2021. The existing portal o...
Corporate Law : Delhi High Court held that unauthorized outward remittance by forged Form 15CB certificates has not fulfilled the ingredients of t...
Income Tax : As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the ...
Income Tax : In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.g...
Income Tax : Notification No. 93/2015 - Income Tax G.S.R. 978(E) dated 16th December, 2015 A CA certificate in Form No. 15CB will be required t...
Income Tax : Notification No. 67/2013 - Income Tax DATED 2-9-2013 Income-tax (14th Amendment) Rules, 2013 - Furnishing of information by the p...
CBDT has made following announcement on its e-filing Portal today one after another and made the New Forms 15CA,15 CB, 15CC and newly Notified Form 35 [FOR appeal with CIT(A)] available for e-filing.
Recently the CBDT has modified the rules related to filing of Form 15CA & 15CB through Notification No: 93/2015 Dated: 16/12/2015 . These rules has provided clarification regarding the filing of detail where payment is made in respect of any sum which is not chargeable under the provision of Income Tax Act, 1961 (Act). Further, it has also relaxed the provision related to requirement of filing of Form 15CA & 15CB.
Notification No. 93/2015 – Income Tax G.S.R. 978(E) dated 16th December, 2015 A CA certificate in Form No. 15CB will be required to be furnished only in respect of such payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds Rs. 5 lakh. No Form 15CA and 15CB will be required to be furnished by an individual for remittance which do not requiring RBI approval under its Liberalised Remmittace Scheme (LRS)
Firstly to understand the provisions & needs of Form 15CA & 15CB, we have to understand the income Tax Act & Rules made behind the compliances and transactions required the compliances of Form 15CA & 15CB. 1. Section 195(6) of Income Tax Act- 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.
Government has recently modified the Foreign Exchange Management (Current Account Transactions) Rules, 2000 and the Liberalized Remittance Scheme (LRS) for resident individuals for further liberalizing the existing guidelines. Accordingly, all resident individuals, including minors, are allowed to freely remit upto USD 2,50,000
Provisions of Sec. 195(6) of the income tax act got amended by the Finance Act 2015 and it comes into force with effect from 1-6-2015. As per the amended provision, the person responsible for paying any sum, whether chargeable to tax or not, to a non-resident shall be required to furnish the information of the prescribed sum in such form and manner as may be prescribed. When the original provision was inserted,
Issues arising from Notification No 67/2013, dt 2-9-2013 amending Rule 37BB of IT Rules, 1962 wrt Foreign Outward Remittances- Form 15CA & Form 15CB Ministry of Finance has recently amended Income tax Rules vide Notification No 67/2013, dt 2-9-2013 with regard to Foreign Outward Remittances and Form 15CA &15CB. This notification is in supersession of an […]
CA Sandeep Kanoi Tax deductor and collector holding valid TAN can register and use the TAN based credentials to file Form 15CA but to fill form 15CA if no tax is been deducted it is still not mandatory for remitter to have TAN. Link To Register on Income Tax E-Filing Website https://incometaxindiaefiling.gov.in/e-Filing/Registration/RegistrationHome.html
With effect from February 12, 2014, functionality of furnishing the foreign remittance details in Form 15CA will be available on the e-filing portal of Income Tax Department . Contact e-filing portal 1800 4250 0025 for more details. Source- https://www.tin-nsdl.com/
CBDT has finally recognised the difficulty faced by the importers of services in filing online 15CA and introduced The Facility to bulk upload Form 15CA is now available as offline utility. The Remitter may use either online or offline utility to upload Form 15CA. Link Form 15CA Information to be furnished for payments, chargeable to […]
