Form 15CB

Payment Made To Non-Residents In Their Indian Bank Accounts & Form 15CA/15CB

Income Tax - The matter of whether Form 15CB is required for making payments to the Indian Bank account of a non-resident / foreign company is a grey area in the Income-tax law. Various entities have not been filing Form 15CA / 15CB while making payments to Indian Bank account of non-residents / foreign companies, since paying bank does not insist on ...

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Form 15CA & 15CB- Things to be kept in mind

Income Tax - The new rules for preparation, filing/ issuing forms 15CA and 15CB are effective from 01st April’2016. With these new rules coming into effect significant changes have come into effect for furnishing forms 15CA & 15CB. Some of the key changes for furnishing form 15CA & 15CB that have come into effect from 01st April’2016 are: ...

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Furnishing Info of Remittance to Non-Resident- Form 15CB / 15CB

Income Tax - FURNISHING INFORMATION REGARDING REMITTANCE TO NON-RESIDENT A person making payment to a Non-Resident /Foreign entity is required to furnish an undertaking in Form 15CA in digital mode. In some cases, department requires a Certificate From CA, in Form 15CB to be uploaded with the Form 15CA. The relevant provisions have been included in In...

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Some aspects regarding Forms 15CA & 15CB

Income Tax - 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 […]...

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A brief Study on International Taxation

Income Tax - International taxation in a simple language means the study of Taxation beyond the National Level. Though we all are very much aware about our Indian Taxation Laws but as time is demanding something more so, there is a need to study the taxation at another level....

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CBDT enable e filing of Form 15CA,15CB, 15CC, 35 & ITRs 1 & 4S

Income Tax - 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....

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Offline utility to bulk upload Form 15CA

Income Tax - 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 [&...

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CBDT relaxes conditions for furnishing of Form 15CA & Form 15CB

Notification No. 93/2015 - Income Tax - (16/12/2015) - 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 15...

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Recent Posts in "Form 15CB"

Payment Made To Non-Residents In Their Indian Bank Accounts & Form 15CA/15CB

The matter of whether Form 15CB is required for making payments to the Indian Bank account of a non-resident / foreign company is a grey area in the Income-tax law. Various entities have not been filing Form 15CA / 15CB while making payments to Indian Bank account of non-residents / foreign companies, since paying bank does not insist on ...

Read More
Posted Under: Income Tax |

Form 15CA & 15CB- Things to be kept in mind

The new rules for preparation, filing/ issuing forms 15CA and 15CB are effective from 01st April’2016. With these new rules coming into effect significant changes have come into effect for furnishing forms 15CA & 15CB. Some of the key changes for furnishing form 15CA & 15CB that have come into effect from 01st April’2016 are: ...

Read More
Posted Under: Income Tax | ,

Furnishing Info of Remittance to Non-Resident- Form 15CB / 15CB

FURNISHING INFORMATION REGARDING REMITTANCE TO NON-RESIDENT A person making payment to a Non-Resident /Foreign entity is required to furnish an undertaking in Form 15CA in digital mode. In some cases, department requires a Certificate From CA, in Form 15CB to be uploaded with the Form 15CA. The relevant provisions have been included in In...

Read More
Posted Under: Income Tax |

Some aspects regarding Forms 15CA & 15CB

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 […]...

Read More
Posted Under: Income Tax |

A brief Study on International Taxation

International taxation in a simple language means the study of Taxation beyond the National Level. Though we all are very much aware about our Indian Taxation Laws but as time is demanding something more so, there is a need to study the taxation at another level....

Read More
Posted Under: Income Tax |

Form 15CA & Form 15CB- Compliance for Foreign Remittances

About Form 15 CA and Form 15 CB: The Income Tax Law of our country requires authentication of foreign remittances (payments) made to a Non Resident or Foreign Company, for any amount which is taxable as per the existing laws. For this purpose, certain rules and guidelines have been framed by the Income Tax Act for making foreign remittanc...

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All about form 15CA & Form 15CB

What stand customer can take if Bank demand Form 15CA but service is not taxable? In such cases, the possible recourse is to submit a declaration in form of a note to Bank stating the nature of remittance and reason as to why it is not chargeable to tax and consequently exempted from the submission of Form 15CA. ...

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Posted Under: Income Tax |

Tax Deducted at Source (TDS): FAQs

1) Whether capitalization of interest payable attracts TDS U/S 194A? Whether conversion of out standing interest on loan into loan attracts TDS? Difference between Form-15G and Form-15H? Difference between TDS and TCS? What is due date for remittance of TDS certificates? (Form-16 and Form-16A)...

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Revised Guidelines for filling Form 15CA Online

1. Guidelines for Part A of Form 15CA: a. Remitter: i. Permanent Account Number (PAN) and Tax Deduction and collection Account Number (TAN) allotted by the Income Tax Department should be mentioned. TAN is mandatory in cases where- General Form 15CA should be used for furnishing information of remittances in e-mode in accordance...

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Posted Under: Income Tax |

Form 15CA and Form 15CB when remittance is not taxable

Form 15CA is a Declaration of Remitter and is used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident. This is starting of an effective Information Processing System which may be utilized by the Income tax Department to independently track the foreign remittances ...

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Posted Under: Income Tax | ,

Form 15CA, 15CB for remittance of payments to non-resident or foreign company

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...

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Posted Under: Income Tax |

Check List for Making Form 15CA & 15CB by Professionals

Nowadays Form 15CA and 15CB are of a lot importance. We professional atleast have to issue one Form 15CB every day and form 15CA is also to be made by the professional on behalf of the client. ...

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How to e-File Form 15CA and 15CB

In this article we have discussed the procedure for e-filing of form 15CA and Form 15CB by remitter and Chartered Accountant using their digital Signature on e-filing website of Income Tax Department i.e. http://incometaxindiaefiling.gov.in...

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Section 271I Penalty for failure in furnishing Form 15CA & Form 15CB

Any person making payment to a non-resident (not being a company) or a foreign company is required to furnish payment information in Form 15CA and Form 15CB. In case such person fails in furnishing the information in Form 15CA and Form 15CB, then he would be liable to pay the penalty under section 271-I of […]...

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Posted Under: Income Tax |

Basic Understanding on Form 15CA and 15CB

Earlier, the person making a remittance to Non-Resident was required to furnish a certificate in specified format circulated by RBI. Basic purpose was to collect the taxes at a stage when the remittance is made as it may not be possible to collect the tax from the NR at a later stage....

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Posted Under: Income Tax | ,

Form 15CA & 15CB, Its Provisions, Related Rules and Filing

Rule 37BB defines the manner to furnish information in form 15CB and making declaration in form 15CA . Why Form 15CA: It a tool for collecting data about foreign remittances. It contains all information in respect of payments made to Non-Residents....

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Posted Under: Income Tax |

Introduction to Form 15CA & Form 15CB

Form 15CA is a declaration of remitter used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident. This is starting of an effective information processing system which may be utilized by the Income tax Department to independently track the foreign remittances and the...

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Posted Under: Income Tax | ,

Tax Compliance Procedures to facilitate Foreign Remittances

Introduction Any sum payable to a non-resident including a foreign company is liable to withholding of tax under section 195 of the Income Tax Act, 1961. The tax rate may vary in accordance with the nature of the remittance which should fall within the scope of Section 9. Further, in accordance with the penal provisions […]...

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Posted Under: Income Tax |

Form 15CA and 15CB: Complete Details With Examples

The person making payment/ remittance to non – resident holds the responsibility to furnish an undertaking (in form 15CA) attested by a Chartered Accountants Certificate in Form 15CB. So when a person has to make any payment or remit any money to non-resident, the bank will have to verify the payment of tax and act accordingly....

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Posted Under: Income Tax |

Applicability of Form 15CB for payment towards Import Purchases?

Import Purchases constitute a major part of Indian Economy and payments to overseas supplier are a regular phenomenon in International Banking and remittances are being easily made in the Globalised Banking System. Normally Banks did not demand any CA certificate for making remittances for Import Purchases of goods, however with the chang...

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Posted Under: Income Tax |

Whether TRC is required in case of import of Machines?

A new sub-section (4) to section 90 has been inserted by the Finance Act, 2012 w.e.f. 01.04.2013 wherein a non-resident assessee who claims any relief under Double Taxation Avoidance Agreement [DTAA] is required to obtain a Tax Residency Certificate [TRC] from the Government of that country of which he is resident....

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Posted Under: Income Tax |

Form 15CA/CB: An Analysis as to Money of Country in Country only

‘Desh ka Paisa Desh mai’, ‘Else Pay Tax Government Kee Pocket Mai’. Pocket is the ‘KOSH’ of our motherland ‘BHARATAM’, Purpose is let our country reach at the highest summit as ‘SUBHARATAM’....

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Posted Under: Income Tax |

CHANGES IN FORM 15CB & 15CA – w.e.f 1st April 2016

Furnishing of Information in Respect of Payments made to the Non-Resident Section 195 of the Income-tax Act empowers the Central Board of Direct Taxes to capture information in respect of payments made to non-residents, whether chargeable to tax or not. Rule 37 BB of the Income-tax Rules has been amended vide Notification No. G.S.R. 978(E...

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Posted Under: Income Tax | ,

CBDT enable e filing of Form 15CA,15CB, 15CC, 35 & ITRs 1 & 4S

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....

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Posted Under: Income Tax | ,

CBDT modifies rules related to payments to Non-resident (Form 15CA & 15CB)

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 als...

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Posted Under: Income Tax |

CBDT relaxes conditions for furnishing of Form 15CA & Form 15CB

Notification No. 93/2015 - Income Tax (16/12/2015)

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 furni...

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Form 15CA & 15CB Requirements & relevant Provisions

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...

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Analysis of Form 15CA & 15CB requirement for payments made for import of goods

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 ...

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Exclude Import related payment from Form 15CA / 15CB Requirements – ICAI

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 ...

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Posted Under: Income Tax |

Offline utility to bulk upload Form 15CA

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 [&...

Read More
Posted Under: Income Tax |

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