Why Form 15cb is required payment to non resident?
According the Income Tax Act 1961 section 195 discussed about any person responsible for paying to a non- resident not being a company, or a foreign company, any interest.
When Form 15CA is required to file ?
When payment is below Rs.5,00,000
The information in part A of Form No.15CA, is required to fill
When payment is exceeds Rs.5,00,000
Part B of Form 15CA has to be provided
Certificate in Form 15CB from a Chartered Accountant
Part C of Form No. 15CA
The person responsable for paying to a non-resident, not being a compnay or to a foregin company any sum which is not chargeable under Income Tax Act
shall furnish the the informationin Part D of Form no 15CA
- The remittance is made by an individual and it does not require prior approval of Reserve Bank of India [as per the provisions of section 5 of the Foreign Exchange Management Act, 1999 (42 of 1999) read with Schedule III to the Foreign Exchange (Current Account Transaction) Rules, 2000]
For more information please Rule 37BB
How to provide information in Form 15CA
- 1.Electrinocally under digital signature in accordance with the procedures, formats and standards specified by the principal director general of Income tax ( systems) under sub-rule (8) and thereafter and there printout of the said form shall be submitted to the authorised dealer, prior to remitting the payment.
- 2. Electronically in accordance with the procedures, formats and standards specified by the princial director general of income tax under sub rule (8) and there after signed printout of the said form shall be sumitted to the authorised dealer, prior to remitting the payment.
- Income tax authority may require the authorised dealer to furnish the signed printout of Form No. 15CA referred to in clause (ii) of sub rule (4) for the purposes of anyproceedings under the act. Form 15CA and 15 CB is other than Income tax return
If an assessee fail to file Form 15CA and 15CB
If an assessee fail to file Form 15CA and 15CB attract penalty under section 271
Form 15 CB can file on e filing portal