Form 15CB/ CA is required for making foreign remittances by Residents to parties residing abroad. The said remittance should be made in accordance with the provisions of section 195 of the Income tax Act, 1961 or as per Double Taxation Avoidance agreements (DTAA) and as per the guidelines of Reserve Bank of India (RBI).
Form 15CA is form containing the details about the amount and the nature of the remittance made to non-residents.
Form 15CB is a certificate issued by a Chartered Accountant certifying that TDS (if applicable) has properly been deducted while making payment outside India.
Collecting all the relevant documents and information.
Review of the documents and information provided.
E-Filing of form 15CA on behalf of client and obtaining the form 15CB from CA.
Sending both the forms to the clients.
– Form 15CA and CB are required to be filed at the time of remittance of money from India to outside India.
– No. There are certain exceptions to the filing of form 15CA and CB. Following are the said exceptions:
– Penalty of Rs. 1 lakh shall be levied for each default of non-filing for forms 15CA/CB.
– TRC is the proof of residence of the person and is most important document for availing the benefits of DTAA.
– Under the LRS, Authorised Dealers may freely allow remittances by resident individuals up to USD 2,50,000 per Financial Year (April-March) for any permitted current or capital account transaction or a combination of both. The Scheme is not available to corporates, partnership firms, HUF, Trusts, etc.