Income Tax : Learn about Tax Deducted at Source (TDS), its purpose, applicable payments, and the rates for various categories including residen...
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 : A large extent of pendency for updation of 15 CB forms at e-filing portal may be attributed to non-availability of any options fo...
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 : ITAT Kolkata ruled that TDS under section 195 is not required for foreign commission payments and liquidated damages are capital r...
Corporate Law : Delhi High Court held that unauthorized outward remittance by forged Form 15CB certificates has not fulfilled the ingredients of t...
Income Tax : While issuing Form No. 15CB a Chartered Accountant is required to only examine the nature of the remittance and nothing more. The ...
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...
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.
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 […]
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 […]
