What is Form 15CA and Form 15CB
What is Form 15CA-
As per Section 195 of Income tax Act, 1961, every person liable for making a payment to non-residents shall deduct TDS from the payments made to non-residents if such sum is chargeable to Income tax. As per Rule 37BB, it is a duty of authorized dealers/banks to ensure that such forms are received by them from the remitter.
Form 15CA needs to be filled only if the remittance is chargeable to tax in India. If remittance/payment is not chargeable to NRI then Form 15CA is not required.
Form 15CA is divided into four parts-
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Form
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Particulars
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Part A
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If the remittance or the aggregate of remittance does not exceed Rs. 5.00 lakhs in that financial year or comes under the taxation under the Income Tax Act 1961.
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Part B
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If the remittance exceeds above Rs. 5.00 lakhs in that financial year or an order/ certificate u/s 195(2)/ 195(3)/ 197 of Income tax Act has been taken from the Assessing Officer.
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Part C
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If remittance exceeds above Rs. 5.00 lakhs in that financial year under the income tax act 1961, a certificate in Form No. 15CB from an accountant has been obtained.
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Part D
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If the remittance is not exceeding the amount which is taxable under the income tax act 1961.
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Note- A CA certificate (Form No. 15CB) will be required to be furnished only in case of payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds Rs. 5 lakhs.
What is Form 15CB-
- Form 15CB liability can be ascertained and certified by obtaining the Certificate from a Chartered Accountant in Form no. 15CB. This certificate has been prescribed under Section 195(6) of the Income-tax Act and is an alternate channel of obtaining Tax clearance apart from Certificate from Assessing Officer.
- In form 15CB, A CA certifies details of the payment, TDS rate and TDS deduction as per Section 195 of the Income Tax Act, if any DTAA is applicable, and other details of nature and purpose of the remittance.
- Upload of Form 15CB is mandatory prior to filling Part C of Form 15CA. To prefill the details in Part C of form 15CA, the Acknowledgement Number of e- verified form 15CB should be verified.
Payment / Remittances which does not require 15CA & 15CB-
- Individuals are not required to furnish the information in Form 15CA and 15CB for remittance which requires no RBI approval.
- List of payments (33 items) mentioned below (as per rule 37BB) which does not require compliances and reporting through the submission of 15CA and 15CB is as under-
List of Payments with their code and nature-
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S. No.
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Code as per RBI
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Nature of Payment
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01
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S0001
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Indian investment abroad -in equity capital (shares)
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02
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S0002
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Indian investment abroad -in debt securities
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03
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S0003
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Indian investment abroad -in branches and wholly owned subsidiaries
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04
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S0004
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Indian investment abroad -in subsidiaries and associates
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05
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S0005
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Indian investment abroad -in real estate
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06
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S0011
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Loans extended to Non-Residents
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07
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S0101
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Advance payment against imports
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08
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S0102
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Payment towards imports – settlement of invoice
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09
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S0103
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Imports by diplomatic missions
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10
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S0104
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Intermediary trade
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11
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S0190
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Imports below Rs.5,00,000 – (For use by ECD offices)
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12
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S0202
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Payment- for operating expenses of Indian shipping companies operating abroad
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13
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S0208
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Operating expenses of Indian Airlines companies operating abroad
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14
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S0212
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Booking of passages abroad -Airlines companies
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15
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S0301
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Remittance towards business travel
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16
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S0302
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Travel under basic travel quota (BTQ)
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17
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S0303
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Travel for pilgrimage
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18
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S0304
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Travel for medical treatment
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19
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S0305
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Travel for education (including fees, hostel expenses etc.)
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20
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S0401
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Postal services
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21
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S0501
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Construction of projects abroad by Indian companies including import of goods at project site
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22
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S0602
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Freight insurance – relating to import and export of goods
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23
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S1011
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Payments for maintenance of offices abroad
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24
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S1201
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Maintenance of Indian embassies abroad
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25
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S1202
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Remittances by foreign embassies in India
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26
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S1301
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Remittance by non-residents towards family maintenance and-savings
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27
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S1302
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Remittance towards personal gifts and donations
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28
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S1303
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Remittance towards donations to religious and charitable institutions abroad
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29
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S1304
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Remittance towards grants and donations to other Government sand charitable institutions established by the Governments
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30
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S1305
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Contributions or donations by the government to international institutions
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31
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S1306
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Remittance towards payment or refund of taxes
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32
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S1501
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Refunds or rebates or reduction in invoice value on account of exports
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33
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S1503
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Payments by residents for international bidding”
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A new form called Form No. 15CC has been prescribed for Quarterly statement to be furnished by an authorized dealer in respect of foreign remittances made by him.
Following information is required for filing form 15CA and 15 CB- -
Details of Remitter-
- Name of the Remitter
- Address of the Remitter
- PAN of the Remitter
- Principal Place of Business
- E-mail Address and Phone No. of Remitter
- Status of the Remitter (Firm/ Company/ Other)
Details of Remittee-
- Name and Status of the Remittee
- Address of the Remittee
- Principal Place of Business
- Country of the Remittee
Details of Remittance-
- Country to which the Remittance is made
- Currency
- Amount of Remittance in Indian Currency
- Proposed Date of Remittance
- Nature of Remittance as per Agreement (Invoice Copy)
Bank Details of Remitter-
- Name and Bank of Remitter
- Name of Branch of the Bank
- BSR Code of the Bank
Other Details-
- Father’s name of the signing person
- Designation of the signing person
Documents required for DTAA Benefit-
- Tax Residency Certificate (TRC) from the Remittee (Tax Registration of the Country in which remittee is registered).
- Form 10F duly filled by the Authorized person of the remittee (Self Declaration).
- No PE (Permanent Establishment) declaration. This is mandatory if the Income is a business Income.