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Form 15CA/ 15CB foreign remittances certificate
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.
Process:
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.
Documents Required:
- Copy of the Agreement entered into between Parties;
- Copy of the Invoice on behalf of which payment is made;
- Copy of the Tax Residency Certificate;
- Copy of No Permanent Establishment certificate (if applicable);
- Details about the bank account;
- PAN of the remitter and PAN of the beneficiary (if available).
FAQ’s
1. When do form 15CA and 15CB are required to be filed?
– Form 15CA and CB are required to be filed at the time of remittance of money from India to outside India.
2. Does form 15CA and form 15CB CB are required to be filed for all the outward remittances?
– No. There are certain exceptions to the filing of form 15CA and CA. Following are the said exceptions:
- 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.
- No forms 15CA & 15CB will be required if the payments are made on account of the transactions as specified in the list.
- No Form 15CB will be required till the aggregate of remittances during the financial year does not exceed Rs. 5 lakhs.
- No Form 15CB is required where the remittance is not chargeable to tax.
3. Is there any penalty for failure to file form 15CA or 15CB?
– Penalty of Rs. 1 lakh shall be levied for each default of non-filing for forms 15CA/CB.
4. What is Tax Residency Certificate (TRC)?
– TRC is the proof of residence of the person and is most important document for availing the benefits of DTAA.
5. What is Liberalised Remittance Scheme (LRS)?
– 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.