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.

Friday, February 21, 2014

Payment to Non Resident - substitution of Rule 37BB & Form No. 15CA & 15CB

INCOME-TAX (FOURTEENTH AMENDMENT) RULES, 2013 
SUBSTITUTION OF RULE 37BB AND FORM NOS. 15CA AND 15CB
NOTIFICATION NO. 67/2013 DATED 2-9-2013
Payment to Non Resident - Substitution of Rule 37BB & Form No. 15CA & 15CB
In supersession of the notification of the Government of India in the Ministry of Finance, , issued by the CBDT vide number S.O.2363(E) dated the 5th August, 2013, the CBDT hereby issues Notification No.67 dated 02.09.2013 and makes the following rules further to amend the Income-tax Rules, 1962, namely:—
1. (1) These rules may be called the Income-tax (14th Amendment) Rules, 2013.
    (2) They shall come into force on the 1st day of October, 2013.
2. In the Income-tax Rules, 1962 for rule 37BB, the following rule shall be substituted, namely:    —"37BB. Furnishing of information by the person responsible for making any payment including any interest or salary or any other sum chargeable to tax, to a non-resident, not being a company, or to a foreign company
(1) Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest or salary or any other sum chargeable to tax under the provisions of the Act, shall furnish the following, namely:—
(i)

the information in Part A of Form No.15CA,
a)      if the amount of payment does not exceed Rs.50000/- (fifty thousand rupees) and
b)      the aggregate of such payments made during the financial year does not exceed Rs.250000/- (two lac fifty thousand rupees);
(ii)

the information in Part B of Form No.15CA for payments other than the payments referred in clause (i) after obtaining—

(a)

a certificate in Form No. 15CB from an accountant as defined in the Explanation below sub-section (2) of section 288; or
(b)

a certificate from the Assessing Officer under section 197; or
(c)

an order from the Assessing Officer under sub-section (2) or sub-section (3) of section 195.
(2) The information in Form No. 15CA shall be furnished by the person electronically to the website designated by the Income-tax Department and thereafter signed printout of the said form shall be submitted to the authorised dealer, prior to remitting the payment.
(3) An income-tax authority may require the authorised dealer to furnish the signed printout referred to in sub-rule (2) for the purposes of any proceedings under the Act.
Explanation 1 Specified list as per earlier notification dated August 5, 2013 is amended  to exclude following items of payment it is hereby clarified that for payments of the nature specified here below excluded from the specified list information is required to be furnished :
1.      Payment for life insurance premium;
2.      Other general insurance premium;
3.     Payments on account of stevedoring, demurrage, port handling charges etc;
4.      Freight on imports - Airline companies;
5.      Booking of passages abroad – Shipping companies;
6.      Freight on exports - Shipping companies;
7.      Freight on imports - Shipping companies;
8.      Payment for surplus freight or passenger fare by foreign shipping companies operating in India;
9.      Imports by diplomatic missions;
10.  Payment towards imports-settlement of invoice; and
11.  Advance payment against imports.
Explanation II-  It is hereby clarified that for payments of the nature specified in column (3) of the specified list below, no information is required to be furnished under sub-rule (1).
SPECIFIED LIST
Sl.No.
Purpose code as per RBI
Nature of payment
(1)
(2)
(3)
1
S0001
Indian investment abroad -in equity capital (shares)
2
S0002
Indian investment abroad -in debt securities
3
S0003
Indian investment abroad -in branches and wholly owned subsidiaries
4
S0004
Indian investment abroad -in subsidiaries and associates
5
S0005
Indian investment abroad -in real estate
6
S0011
Loans extended to Non-Residents
7
S0202
Payment- for operating expenses of Indian shipping companies operating abroad.
8
S0208
Operating expenses of Indian Airlines companies operating abroad
9
S0212
Booking of passages abroad -Airlines companies
10
S0301
Remittance towards business travel.
11
S0302
Travel under basic travel quota (BTQ)
12
S0303
Travel for pilgrimage
13
S0304
Travel for medical treatment
14
S0305
Travel for education (including fees, hostel expenses etc.)
15
S0401
Postal services
16
S0501
Construction of projects abroad by Indian companies including import of goods at project site
17
S0602
Freight insurance - relating to import and export of goods
18
S1011
Payments for maintenance of offices abroad
19
S1201
Maintenance of Indian embassies abroad
20
S1 202
Remittances by foreign embassies in India
21
S1301
Remittance by non-residents towards family maintenance and-savings
22
S1302
Remittance towards personal gifts and donations
23
S1303
Remittance towards donations to religious and charitable institutions abroad
24
S1304
Remittance towards grants and donations to other Governments and charitable institutions established by the Governments.
25
S1305
Contributions or donations by the Government to international institutions
26
S1306
Remittance towards payment or refund of taxes.
27
S1501
Refunds or rebates or reduction in invoice value on account of exports
28
S1503
Payments by residents for international bidding".


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