Whenever there is the repatriation of money by Resident Indian outside India, as per norms of RBI, the authorized banker cannot remit money unless and until form 15CA and 15CB are uploaded by the remitter by login into tax department website.
Form 15CA: It is a declaration by the remitter with respect to payments to be made to Non-Resident.
Form 15CB: It is a sort of certificate taken by Chartered Accountant wherein he/she certifies whether payment is chargeable to tax in India and whether proper tax has been paid before remitting such funds to Non-Resident.
Both Form 15CA & 15CB are uploaded online.
List of Documents required for issuing form 15CB
- Name of Remitter
- PAN of Remitter
- TAN of Remitter
- Name & Address of recipient or Beneficiary of Remittance
- PAN of recipient of Remittance
- Country to which remittance made
- Currency in which remittance made
- Amount of remittance in foreign currency
- Amount to be transferred in Indian Rupees
- Name of Bank transferring money
- Name of Branch of Bank making remittance
- BSR Code ( 7 digit code) of Bank Branch making remittance
- Proposed date of remittance
- Amount of TDS in foreign currency
- Amount of TDS in Indian Rupees
- Rate of TDS as per Income Tax Act
- Actual amount of remittance after TDS in foreign currency
- Actual amount of remittance after TDS in Indian currency
- Date of deduction of Tax at Source
- Nature of remittance
- In a case of remittance is net of tax, whether tax payable has been grossed up. give computation of grossing up
- Email address of remitter
- Phone no. of remitter with STD code
- Email address of recipient of remittance
- Phone no. of recipient of remittance
Contents of Form 15CA
Form 15CA has been divided into 4 parts i.e. Part A, B, C & D depending upon an amount of remittances and other circumstances.
PART A- It is used when the remittance is chargeable to tax as per Income Tax Act, 1961 (“the Act”) and an aggregate amount of remittances does not exceed Rs 5 lac during the FY.
PART B – It is used when the remittance is chargeable to tax as per the Act and the aggregate amount of remittances does not exceed Rs 5 lac during the FY AND an order/ certificate u/s 195(2)/ 195(3)/ 197 of Income-tax Act has been obtained from the Assessing Officer.
PART C- It is used when the remittance is chargeable to tax as per the Act and the aggregate amount of remittances exceed Rs 5 lac during the FY AND certificate from CA (or Accountant) in form 15CB has been obtained.
PART D– It is used when the remittance is not chargeable to tax as per the Act.
Circumstances when no Form 15CA and 15CB are required
Rule 37BB of Income Tax Rules prescribes conditions where no forms 15CA CB are required. These are given as under:
- Where Advance Payment has to be made against import
- Where Payment is made towards import-Settlement of Invoice
- In case of Imports by diplomatic missions
- In case of Intermediary Trade
- Where Import below Rs. 5,00,000/-
Penalty in case of default In case of default of non-filing for forms 15CA/CB, penalty of Rs. 1 lakh will be applicable Can Form 15CA and 15CB be withdrawn once uploaded? 15CA can be withdrawn within 7 days of submission of the online form. However, at present, there is no option to withdraw form 15CB.