Certifications- 15CA/15CB etc.

If you want to send money anywhere outside India then Forms 15CA/15CB are required to be filed along with other documents. Form 15CA is required to be given by the remitter and form 15CB is to be given by a Chartered Accountant in Practice. We help you in filing your forms 15CA and 15CB. Recently there have been new rules for preparation, filing/ issuing forms 15CA and 15CB effective from 01st April’2016.

Some of the key changes for furnishing form 15CA & 15CB that have come into effect from 01st April’2016 are:
  • Both forms 15CA and 15CB are to be filed online
    Earlier only form 15CA had to be filed online but now form 15CB i.e certificate by a Chartered Accountant is also to be filed online.
  • Changes in requirement for filing form 15CA & 15CB
    There are situations where Forms 15CA/CB will not be required at all:
    • No forms 15CA & 15CB will be required to be furnished by an individual for remittance which does not require RBI approval under Liberalised Remittance Scheme.
    • The list of payments where there is no requirement for forms 15CA 15CB has been expanded under Rule 37BB. Following are the new entries in the specified list where no forms 15CA CB are required:
      • Advance Payment against import
      • Payment towards import-Settlement of Invoice
      • Imports by diplomatic missions
      • Intermediary Trade
      • Import below Rs. 5,00,000/- (For use by ECD offices)
There are situations where no forms 15CB will be required:
  • Form 15CB will not be required till the aggregate of remittances during the financial year does not exceed Rs. 5 lakhs.
  • Form 15CB will also not be required where order/certificate of lower/no deduction is taken from the Jurisdictional Assessing Officer us 195(2), 195(3), 197 of the Income Tax Act’1961.
  • Form 15CB is also not required where the remittance is not chargeable to tax.
Different parts/sections of Form 15CA required for different types of remittances:
  • Form 15CA has been divided into four different parts/sections and each part is required in different circumstances:
  • Part A
    Where the remittance is chargeable to tax under the provisions of the Income-tax Act,1961 and the remittance or the aggregate of such remittances does not exceed five lakh rupees during the financial year.
  • Part B
    Where the remittance is chargeable to tax under the provisions of the Income-tax Act,1961 and the remittance or the aggregate of such remittances does not exceed five lakh rupees during the financial year and an order/ certificate u/s 195(2)/ 195(3)/ 197 of Income-tax Act has been obtained from the Assessing Officer.
  • Part CWhere remittance is chargeable to tax under the provisions of Income-tax Act, 1961 and the remittance or the aggregate of such remittances exceeds five lakh rupees during the financial year and a certificate in Form No. 15CB from an accountant as defined in the Explanation below sub-section (2) of section 288 has been obtained.
  • Part D
    Where the remittance is not chargeable to tax under the provisions of the Income-tax Act, 1961 {other than payments referred to in rule 37BB(3)} by the person referred to in rule 37BB(2).
  • There is a penalty of Rs. 1 lakh for each default of non-filing for forms 15CA/CB will be applicable
Phone: +91-9953199493
Fax: +91-9953199493
33/30, East Patel Nagar,
New Delhi-110008, India
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