Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Wednesday, February 12, 2014

FIVE STEPS TO FURNISH 15 CA and 15 CB

FIVE STEPS TO FURNISH 15 CA and 15 CB
No remittance should be made to a non resident without furnishing an undertaking in Form 15CA along with a certificate from an accountant in Form 15CB except in cases of certain personal remittances (which have been specifically exempted).If any payment including any interest or salary or any other sum chargeable to tax, is made to non-resident, not being a company, or to a foreign company then Form 15CA and Form 15CB are applicable. 
Form 15CA has two Parts :
Part A - Applicable if the remittance to non-resident or to a foreign company does not exceed Rs.50,000 per transaction and aggregate payment made during the financial year does not exceed Rs. 2,50,000.
Part B – Applicable if the remittance is chargeable to tax and exceed Rs. 50000 per transaction and aggregate of such payments made during the financial year exceeds Rs.2,50,000.
Information required for furnishing of the form 15CA and 15CB
Part A - Form 15 CA requires :
§  Particulars of Remitter, Remittee, Remittance made and TDS
§  Mandatory to furnish PAN of Remitter, if tax is deducted then TAN of the Remitter also needs to be provided. If remittance is chargeable to tax and PAN of remittee is not available Section 206AA is mandatorily applicable.
§  E-mail and Phone Number of remittee to be furnished, if available.
Part B - Form 15 CA requires :
§  Taxability under the Income Tax Act
§  Taxability under the relevant DTAA. Details of TRC (Tax Residency Certificate)
Steps of furnishing the Form 15CA:
Step 1: Remitter shall obtain Form 15CB from a chartered accountant a certificate.
 Step 2login to site incometaxindiaefiling.gov.in/ – Login ID is same, which has been used for filling e-return. Remitter shall electronically upload Form 15CA on the website – With effect from February 12, 2014, the foreign remittance details in Form 15CA on the e-filing portal at  www.incometaxindiaefiling.gov.in.

Step 3: The form 15CA shall be filled on the basis of the information contained in form 15CB. Form 15CB is not required in case of filling Part A of the form 15CB. Either of the below are to be obtained for filling up Part B of Form 15CA:
§  a certificate in form no. 15cb from a chartered accountant or
§  a certificate from the Assessing Officer (AO) under Sec 197 or
§  an order from Assessing Officer under sub-sec (2) or sub-section (3) of sec 195
Step 4: 15CA form available under e-filling menu as “prepare & submit the others forms (other than return)”

Step 5:  Digital Signature is required to generate the 15CA forms and take printout and affix company stamp and submit it to Authorized dealer i.e.Banker Then the RBI/ Authorized dealer remits the amount and forwards to the assessing officer a copy of form 15 CA and form 15CB. 

Contributed by Shiwali Shukla and Tanya Gagneja

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