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.

Tuesday, February 11, 2014

Revised Form 15CA & 15CB w.e.f. 1st October 2013

Amendment in Rule  37BB  prescribing new Forms 15CA & 15CB
Remittances not chargeable to tax –Not to be reported under Form 15CA
Remittances covered in Specified List are not required to be reported in Form 15CA & 15CB.
New forms 15CA & 15CB have been prescribed in suppression of the earlier Forms.
Forms provide for two categories - Part A and Part B of 15CA on which remittances are to be reported
Only taxable remittances (including salary or interest) are required to be reported in Form 15CA
Form 15CA (Part A)-Report only those Remittances which were earlier reported
Form 15CA (Part B)- Only Taxable remittances are to be reported
List of Remittances removed from Specified List and such payments are now required to be reported in Form 15CA
  1. Payment for life insurance premium , Other general insurance premium
  2. Payments on account of stevedoring, demurrage, port handling charges etc.
  3. Freight on imports - Airlines companies, Imports by diplomatic missions
  4. Booking of passages abroad - Shipping companies, Freight on exports & Imports - Shipping companies. Payments for surplus freight or passenger fare by foreign shipping companies operating in India.
  5. Payment towards imports-settlement of invoice, Advance payment against imports

Particulars
Old Form 15CA (Upto 30th September, 2013)
New (Valid on or after 1st October, 2013)
Single Remittance < Rs. 50,000
                       AND
Aggregate Payment
during year  < Rs. 2,50,000
To be reported in Part A and Part B of Form 15CA
Not to be Reported at all
If  Remittance exceeds the threshold Limit
To be reported in Part A and Part B of Form 15CA
To be reported in Part B of Form 15CA along with Form 15CB and other prescribed documents, if any
Person Responsible to fill Form 15CA
Person responsible for making remittance to NR or foreign company
Person responsible for making remittance to NR or foreign company WHICH IS CHARGEABLE TO TAX IN INDIA (INCLUDING INTEREST OR SALARY)
                                                                                             Part A of Form 15CA
Type of remittance Form 15CA filled
For all Remittances made to NR or to a foreign company
If sum remitted to NR or to foreign company EXCEEDS the threshold limit mentioned above
Type of Information to be filled
1)Particulars of Remitter, Remittee &  Accountant
2) Principal Place of business of remitter & remittee to be specified
1) Particulars of Remitter, Remittee & Amount of remittance made & TDS deducted thereon
2) PAN of remitter, if available
3) E-mail & phone no. of remittee shall be furnished
4) Mandatory application of provisions of Section 206AA, if remittance is chargeable to tax and PAN of remittee is not available
Conditions to be satisfied
The information shall be furnished after obtaining certificate under Form 15CB
Form 15CB isn't required to be obtained to furnish information in this part

Part B of Form 15CA
Who shall have to fill it?
All remittances other than those specified in filing Form 15CA
To be filled if sum remitted to NR or foreign company, is chargeable to tax (including interest or salary) and:
(a)     exceeds Rs 50,000 per transaction
            OR
(b)     aggregate of such payments during the financial year exceeds Rs. 2,50,000
Who is not required to fill it?
All remitters filing Part A of Form 15CA have to fill Part B
Ø  If remittance is not taxable
Ø  If remittance (including interest or salary) is chargeable to tax and is covered by part A of Form 15CA; or
Ø  Remittance is covered by specified list (given in Explanation to amended Rule 37BB)
Conditions to be fulfilled
Information shall be furnished after obtaining certificate under Form 15CB
To be filled up after obtaining:
·         Certificate in Form No. 15CB; or
·         Certificate from AO for deduction at lower rate or for proportionate deductions; or
·         Order from AO for Nil deduction of tax.
Type of Information to be filled in
Particulars of remittance and TDS. This information is now sought in Part C of Form 15CA as amended on August 05, 2013 and in Part B of Form 15CA applicable from October 1, 2013
·         Details of Remitter, Remittee and Remittance
·         Information regarding the country of residence of remittee if available
·         Appropriate Certificate is required to be furnished including Form 15CB
·         Mandatory application of Section 206AA, if remittance chargeable to tax and PAN not available
·         Other particulars as specified in Part C of old Form 15CA
·         No information to be furnished if Remittance covered by Specified List & not to be reported in Form 15CA
Part C of Form 15CA
Who shall have to fill it?
Not Applicable
Not Applicable
What information is to be filled in?
Not Applicable
All the particulars specified in Part C of Form 15CA are included in part B of new Form 15CA, with an exception that no information shall be required to be furnished if the remittance which isn't chargeable to tax.
Conditions to be Specified
Not Applicable
Not applicable (same was provided for in Part B of Form 15CA)

3 comments:

  1. Does it mean that for those remittances abroad which are not chargeable to tax in India, Form 15CA and From 15CB are not required? e.g. commission paid to foreign national outside India for work outside India, only payment initiated in India - do we need to issue form 15CA & 15CB?

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