Filing of Form 15CA & 15CB
Form 15CA needs to be mandatorily filed if any remittance is made to a non-resident or a foreign company. Contact Filecrat to easily file 15CA and 15CB online.
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15CA and 15CB Online Filing
Any sum payable to a non-resident or to a foreign company, be it any interest or royalty or any other taxable amount is chargeable to tax and the payer shall deduct tax at the applicable rates. The tax is deducted at the time of credit of such income or at the time of payment (by cash, cheque, draft or any other mode), whichever is earlier
Details of Remittance to be furnished
A person making remittance to a non-resident or a foreign company is required to submit details of such remittance in Form 15CA. The form contains 4 parts: -
Part A: To be filled up if the remittance is chargeable to tax under the provisions of the Income Tax Act and the remittance or the aggregate of such remittances does not exceed Rs. 5 lakhs during the financial year.
Part B: To be filled up if the remittance is chargeable to tax under the provisions of the Income Tax Act and the remittance or the aggregate of such remittances exceed Rs. 5 lakhs during the financial year and an order certificate u/s 195(2)/ 195(3)/ 197 of the Income Tax Act has been obtained from the Assessing Officer.
Part C: To be filled up if the remittance is chargeable to tax under the provisions of Income Tax Act and the remittance of the aggregate of such remittances exceed Rs. 5 lakhs during the financial year and a certificate in Form 15CB from a chartered accountant is obtained.
Part D: To be filled up if the remittance is not chargeable to tax under the provisions of Income Tax Act.
Assistance in compliance of Form 15CB
We provide assistance in compliance of getting Form 15CB, second part of the Form, certified by a Chartered Accountant, empanelled with us.
Such certificate is required only if the amount remitted exceeds Rs. 5 lakhs and is taxable under the provisions of the Income Tax Act. Compliance requires verification of the nature of payment, correctness of the TDS deducted based on Double Taxation Avoidance Agreement (DTAA) and such remittance.
- Consultation with our Expert
- Calculation of tax liability on remittance
- Filing of Form 15CA
- Assistance in compliance of Form 15CB
- Copy of PAN of remitter
- TAN of remitter
- Contact details of remitter
- PAN of recipient
- Contact details of recipient
- Remitting Bank details
- Transaction details, relating to which form is filed
- Copy of Invoice, if any
- Tax Residency Certificate (TRC) from the recipient
- Necessary declarations from the recipient
- Copy of Certificate from Assessing Officer, if any
- Any other documents/ information as may be required
Form 15CA must be furnished before making the remittance to such non-resident. Further, if Form 15CB is applicable, it must be filed before filing Form 15CA. Reference of Form 15CB has to be provided in Form 15CA.
Both the forms, Form 15CA and 15CB can be filed online after logging into the e-filing portal. The Form 15CB can be prepared by downloading the utility from the income tax website.
No. Form 15CB applies only when the amount remitted is taxable under the provisions of the Income Tax Act and such amount exceeds Rs. 5 lakhs.