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All About Form 15CA and Form 15CB

Tax Planning
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    • When a person makes any payment or remit any money to non resident, the bank will need to check whether the tax was paid or not
    • There are at least 28 types of foreign remittances where you do not require any submission of Form 15CA or Form 15CB
    • If the remittance or the aggregate of remittances is not higher than Rs 5 lakh in a particular financial year, you need to fill Form 15CE
    MAR_DI_351

    Foreign remittances have tax implications, which many times is missed out inadvertently by taxpayers.

    As per section 195 of the Income Tax Act, tax is required to be deducted for any sum which is taxable under the Income Tax Act. So when a person desires to make any payment or remit any money to non resident, the bank will require to check whether the tax was paid or not. If not paid; it will be checked if  it is certified by the Chartered accountant or the Assessing Officer. But there are at least 28 types of foreign remittance where you do not require any submission of Form 15CA or Form 15CB.

    What is Form 15CA?

    Form 15CA is a declaration of remitter and is used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident. This is starting of an effective Information Processing System which may be utilized by the Income tax Department to independently track the foreign remittances and their nature to determine tax liability.

    Authorised Dealers/ Banks are now becoming more vigilant in ensuring that such Forms are received by them before remittance is affected, since now as per the revised Rule 37BB, a duty is casted on them to furnish Form 15CA (received from the remitter) to an income-tax authority for the purpose of any proceedings under the Income-tax Act.

    Income Tax Department has now created online facility to file information. Thus the Form 15CA is  required to be filed online with the tax department. After that, proof of online submission should be printed out. This copy is required to be given to the Bank as a proof of tax clearance from the tax department.

    What is From 15CB?

    Form 15 CB is Form which is required to be signed by a Chartered Accountant. This is a kind of certification regarding rates and right kind of tax paid by you. Certain details are required from Form 15CB at the time of filing Form 15CA.

    At first glance it appears that Form 15CA is not required to be filled if the remittance or payment to non-resident Indian is not chargeable to tax.

    As per Income Tax (Fourteenth Amendment) Rules, 2013, No reporting in Form 15CA and 15CB is to be made in case of the following nature of foreign remittances since October 2013 has been provided in Rule 37BB.

    List of payments where Form 15CA / 15CB is not required

    Purpose code as per RBI

    Nature of Payment

    S0001

    Indian investment abroad -in equity capital (shares)

    S0002

    Indian investment abroad -in debt securities

    S0003

    Indian investment abroad -in branches and wholly owned subsidiaries

    S0004

    Indian investment abroad -in subsidiaries and associates

    S0005

    Indian investment abroad -in real estate

    S0011

    Loans extended to Non-Residents

    S0202

    Payment- for operating expenses of Indian shipping companies operating abroad.

    S0208

    Operating expenses of Indian Airlines companies operating abroad

    S0212

    Booking of passages abroad -Airlines companies

    S0301

    Remittance towards business travel.

    S0302

    Travel under basic travel quota (BTQ)

    S0303

    Travel for pilgrimage

    S0304

    Travel for medical treatment

    S0305

    Travel for education (including fees, hostel expenses etc.)

    S0401

    Postal services

    S0501

    Construction of projects abroad by Indian companies including import of goods at project site

    S0602

    Freight insurance – relating to import and export of goods

    S1011

    Payments for maintenance of offices abroad

    S1201

    Maintenance of Indian embassies abroad

    S1 202

    Remittances by foreign embassies in India

    S1301

    Remittance by non-residents towards family maintenance and-savings

    S1302

    Remittance towards personal gifts anddonations

    S1303

    Remittance towards donations to religious and charitable institutions abroad

    S1304

    Remittance towards grants and donations to otherGovernmentsand charitable institutions established by the Governments.

    S1305

    Contributions or donations by theGovernmentto international institutions

    S1306

    Remittance towards payment orrefundof taxes.

    S1501

    Refunds or rebates or reduction in invoice value on account of exports

    S1503

    Payments by residents for international bidding”.

     

    Mandatory information required by a client to file a Form 15CA and 15CB

    Details of Remitter

    a. Name of the remitter

    b. Address of the remitter

    c. PAN of the remitter

    d. Principal place of business of the remitter

    e. E-Mail address and phone no. of remitter

    f. Status of the remitter (firm/company/other)

    Details of remittee

    a. Name and status of the remittee

    b. Address of the remittee

    c. Country of the remittee (country to which remittance is made)

    d. Principal place of the business of the remittee

    Details of the remittance

    a. Country to which remittance is made

    b. Currency in which remittance is made

    c. Amount of remittance in Indian currency

    d. Proposed date of remittance

    e. Nature of remittance as per agreement (invoice copy to be asked from client)

    Bank details of the remitter

    a. Name of bank of the remitter

    b. Name of branch of the bank

    c. BSR Code of the bank

    Others

    a. Father’s name of the signing person

    b. Designation of the signing person

    Documents from the remittee

    a. Form 10F duly filled by the authorized person of the remittee.

    b. Tax residency certificate from the remittee (tax registration of the country in which remittee is registered).

    c. Certificate that the remittee does not have any permanent establishment in India.


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    Exide Life Insurance Company Limited.
    IRDAI Registration Number: 114, CIN:U66010KA2000PLC028273
    Registered Office: 3rd Floor, JP Techno Park, No. 3/1, Millers Road, Bangalore- 560 001, India.
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