15CA 15CB Certificate for Payments abroad
Documents required for getting 15CA and 15CB issued by a Chartered Accountant
1. PAN Card of Applicant (Remitter)
2. Invoice for which payment is to be made.
3. No PE Declaration from Non Resident ( if applicable)
4. Tax Residency Certificate (TRC) of NR.
5. Bank Account Details (Cancelled Cheque) from which payment is to be made
6. BSR Code ( Branch code of bank from which payment is to be made.
7. Digital Signature of Remitter.
he CBDT has amended Rule 37 BB of the Income-tax Rules and made following changes which are applicable from today itself i.e. 1st April 2016:
Sec 195(6) states that The person responsible for paying to a non-resident, not being a company, or to a foreign company, any sum, whether or not chargeable under the provisions of this Act, shall furnish the information relating to payment of such sum, in such form and manner, as may be prescribed.
Rule 37BB has been amended and provides that :
The furnishing of information for payment to a non-resident, not being a company, or to a foreign company in Form 15CA has been classified into 4 parts- Part A, Part B, Part C and Part D, wherein:
Where the remittance or the aggregate of such remittances does not exceed 5 lakh rupees during the FY. (Whether taxable or not)
Where an order/ certificate u/s 195(2) / 195(3) / 197 of Income-tax Act has been obtained from the AO. (Whether NIL rate or Lower Rate Certificate)
Where remittance is chargeable to tax under domestic law and the remittance or the aggregate of such remittances exceeds 5 lakh rupees during the FY
and a certificate in Form No. 15CB from a CA has been obtained electronically. (Utility available on Income Tax Efiling Website)
Where the remittance is not chargeable to tax under Domestic Law.
No 15CA / CB is required in following cases:-
- if an individual is making remittance which do not requiring RBI approval under its Liberalized Remittance Scheme (LRS) or items mentioned in Schedule III to the Foreign Exchange (Current Account Transaction) Rules, 2000
- if remittance is in the nature of 33 items provided in the rule 37BB. The main items are as follows:-
- Indian investment in Equities or Debt securities abroad
- Investment in Real estate abroad
- Advance or Payment for Imports including Freight & Insurance
- Remittance towards business travel
- Travel for Medical Treatment
- Payment for Education or Postal Services
- Personal Gifts and donations
- Form 15CA and 15CB needs to be filled electronically
- Exemption from filling is available for 33 transactions are given in the Rule 37BB including payments for imports.
- Penalty of Rs. 1 lakh for each default of non-filling will be applicable.