form 15ca

Form 15CA and Form 15CB are related to remittances made by an individual or entity in India to a non-resident or a foreign company. These forms help the Income Tax Department track cross-border transactions and ensure that taxes are deducted at source (TDS) wherever applicable. Both forms are relevant under Section 195 of the Income Tax Act, which deals with TDS on payments made to non-residents.

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Decoding Form 15CA and 15CB: A Comprehensive Guide to Streamlining Your International Payments

Form 15CA and Form 15CB are related to remittances made by an individual or entity in India to a non-resident or a foreign company. These forms help the Income Tax Department track cross-border transactions and ensure that taxes are deducted at source (TDS) wherever applicable. Both forms are relevant under Section 195 of the Income Tax Act, which deals with TDS on payments made to non-residents.

Form 15CA

Form 15CA is a declaration made by the remitter (person making the payment) to the Income Tax Department. It provides details of the remittance, including the purpose of the remittance, the amount, the recipient’s information, and the TDS applied (if any). The remitter needs to submit Form 15CA online on the Income Tax Department’s e-filing portal.

There are four parts to Form 15CA:

  1. Part A: Applicable when the remittance is chargeable to tax and the total value of the remittance does not exceed INR 5 lakh during the financial year.
  2. Part B: Applicable when a certificate from the Assessing Officer under Section 197 or an order from the Assessing Officer under Section 195(2) or 195(3) has been obtained for the remittance.
  3. Part C: Applicable when the remittance is chargeable to tax and the total value of the remittance exceeds INR 5 lakh during the financial year.
  4. Part D: Applicable when the remittance is not chargeable to tax.

Form 15CB

Form 15CB is a certificate issued by a Chartered Accountant (CA) after reviewing the tax implications of the cross-border transaction. This Certificate provides a detailed analysis of the applicable provisions under the Income Tax Act and Double Tax Avoidance Agreements (DTAA), if any, between India and the recipient’s country. It confirms the TDS rate and the TDS liability for the remittance.

Form 15CB is mandatory in cases where Form 15CA needs to be filed under Part C (remittance is chargeable to tax, and the total value of the remittance exceeds INR 5 lakh during the financial year). The CA’s certificate in Form 15CB helps the remitter ensure accurate TDS deduction and compliance with tax laws.

Procedure to File Form 15CA and 15CB Online

Filing Form 15CA and 15CB online involves a series of steps to ensure compliance with tax laws and to provide accurate information about the remittance. Here’s the procedure to file Form 15CA and 15CB online:

Obtain Form 15CB from a Chartered Accountant:

  1. If the remittance is chargeable to tax and exceeds INR 5 lakh during the financial year, you will need to obtain a Form 15CB from a Chartered Accountant. The CA will review the transaction, determine the applicable TDS rate, and issue the certificate in Form 15CB.

Register or log in to the Income Tax e-filing portal:

  1. Visit the Income Tax Department’s e-filing portal (www.incometax.gov.in) and log in with your credentials (PAN, password, and captcha code). If you haven’t registered, you will need to do so by clicking on ‘Register Yourself’ and providing the necessary information.

Access Form 15CA:

  1. Once logged in, click on the ‘e-File’ tab in the main menu and select ‘Income Tax Forms’ from the dropdown menu. Find ‘Form 15CA’ in the list and click on the ‘File’ button.

Fill out Form 15CA:

  1. Select the appropriate part of Form 15CA (Part A, B, C, or D) based on the nature of the remittance and provide the required information, such as the remitter’s details, recipient’s details, amount of remittance, TDS rate, and TDS amount. If you have a Form 15CB, you will need to provide the CA’s information and upload the Form 15CB PDF file.

Preview and submit Form 15CA:

  1. After filling out all the required information, you can preview Form 15CA to check for any errors or omissions. If everything is correct, submit the form using a digital signature certificate (DSC) or Electronic Verification Code (EVC) method. In the case of EVC, you will receive an OTP on your registered mobile number and email address, which you need to enter to complete the submission process.

Acknowledgment number:

  1. Upon successful submission, you will receive an acknowledgment number for your Form 15CA. Save this number for future reference and tracking purposes.

Inform your bank:

  1. Finally, provide a copy of the submitted Form 15CA (and Form 15CB, if applicable) to your bank. The bank will use these forms to process the remittance and ensure TDS compliance.

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Documents Required

  • PAN of Remitter
  • Details of Remittee
  • Nature and details of Remittance

Frequently Asked Questions (FAQs)

No, Form 15CA and 15CB are not required for all remittances to non-residents. They are only required for remittances that are chargeable to tax in India. If the remittance is not taxable, you may only need to submit Form 15CA Part D.

Form 15CB is required when the remittance is chargeable to tax and the total value of the remittance exceeds INR 5 lakh during the financial year. In such cases, you need to obtain a Form 15CB from a Chartered Accountant before filing Form 15CA.

 

You can file Form 15CA on your own, but you need a Chartered Accountant to issue Form 15CB if the remittance is chargeable to tax and exceeds INR 5 lakh during the financial year. The CA will examine the tax implications and determine the appropriate TDS rate.

No, Form 15CA must be filed online through the Income Tax Department's e-filing portal. Form 15CB is issued by a Chartered Accountant and needs to be uploaded as a PDF file while submitting Form 15CA online.

If you do not file Form 15CA and 15CB (when required), you may face penalties and interest for non-compliance with tax laws. In addition, banks may not process the remittance without the necessary forms, as they are responsible for ensuring TDS compliance on foreign remittances.

Yes, you can revise Form 15CA if you discover any mistakes or omissions after submitting it. To do so, log in to the Income Tax e-filing portal, access Form 15CA, and select the option to file a revised form using the acknowledgment number from the original submission.

There is no specific deadline for filing Form 15CA and 15CB. However, they should be filed before making the remittance to ensure TDS compliance and avoid penalties. The bank will require a copy of the submitted forms to process the remittance.