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Filing of Form 15CA & CB
About Form 15CA and Form 15CB
Remittance of money by Indian residents to non-residents is a process of transferring money from India to a foreign country. This process is governed by regulations set by the Reserve Bank of India (RBI) and the government of India. Individuals and businesses can remit money abroad for various reasons such as education, medical treatment, maintenance of family members, business-related activities and investments. The process of remitting money abroad can be done through various channels such as banks, money transfer operators, and online platforms.
The Liberalized Remittance Scheme (LRS) framework allows Indian residents to remit up to USD 250,000 per financial year for various permissible purposes such as investments, education, and medical treatment.
To remit money abroad, Indian residents will need to provide certain documents such as a PAN card, passport, and proof of purpose of remittance. They may also need to fill out specific forms such as Form 15CA and Form 15CB and provide information about the recipient, such as their name, address, and bank account details.
In addition to the LRS, there are also other schemes and facilities that allow Indian residents to remit money abroad. For example, the Foreign Currency Non-Resident (FCNR) account and the Non-Resident External (NRE) account allow Indian residents to hold foreign currency and remit money abroad.
Furthermore, money can be remitted abroad through various channels such as wire transfer, demand draft, and cheque. Wire transfer is the most common and widely used mode of remitting money abroad.
Choose us for Form 15CA and CB Filing Services
Form 15CA and 15CB are forms required to be filed by individuals or entities who are making certain types of payments to non-residents in India. These forms are used to provide information about the payment and the payer to the Indian tax authorities. As a service provider, we assist clients in completing and filing these forms with the government in a compliant and timely manner.
Our form 15CA and CB filing services include the following steps:
- Preparation: We a chartered accountant firm based in Faridabad and Gurgaon help clients in collecting and preparing the required information and documents for the form. This includes obtaining the PAN and TAN of the payer, details of the non-resident payee, and information about the nature of the payment.
- Validation: We ensure that the information and documents provided by the client are accurate and complete before filing. This includes checking for errors and inconsistencies and ensuring that all mandatory fields are filled.
- Filing: We a chartered accountant firm based in Faridabad and Gurgaon submit the forms to the Indian tax authorities through the appropriate channels, such as the e-filing portal. This includes the digital signing of the forms before submission.
- Follow-up: We track the status of the forms and provide updates to the client. This includes monitoring the forms for any errors or issues and addressing them in a timely manner.
- Compliance: We ensure that the client’s Form 15CA and 15CB filings are in compliance with Indian tax laws and regulations. This includes staying updated on the latest changes in laws and regulations and ensuring that the client’s filings are in line with them.
- Digital Signing: We provide digital signing of the forms before submission which is a mandatory requirement for all the forms to be submitted online.
We understand that compliance with Indian tax laws can be a complex and time-consuming process. That’s why our experts in income tax are here to help. Our team has extensive experience and knowledge of Indian tax laws and regulations, and we are committed to providing clients with accurate and reliable services.
We believe in providing the best service to our clients, that’s why we have a dedicated team of experts to handle each and every aspect of the form 15CA and 15CB filing process. From preparation to filing and follow-up, our team is here to ensure that the client’s filings are accurate, complete and in compliance with Indian tax laws and regulations.
In addition, we also provide income tax consultation services to clients who have queries or concerns regarding form 15CA and 15CB filings. We can provide guidance and advice on how to comply with Indian tax laws and regulations and help clients navigate the complex process of filing forms.
Form 15CA
Form 15CA, also known as the “Return for Furnishing Information with Respect to a Specified Transaction,” is a self-declaration form that is used to report details of a transaction with a non-resident, including the recipient’s name and address, the nature of the payment, and the amount being paid. It is mandatory to submit Form 15CA online on the e-filing portal of the Income Tax department for any specified transaction with a non-resident, which includes payments for professional services, royalties, fees for technical services, interest, etc.
The form is intended to provide the Income Tax department with information about transactions with non-residents, which are subject to TDS (Tax Deducted at Source) under the Indian Income Tax Act.
When a person or entity in India makes a payment to a non-resident, the payer is responsible for withholding a portion of the payment as tax and depositing it with the Income Tax department. The amount withheld is known as TDS (Tax Deducted at Source). The rate of TDS can vary depending on the nature of the payment and the provisions of the DTAA (Double Taxation Avoidance Agreement) between the countries.
Form 15CA has been divided into four sections, classified as follows:
- Part A: Completing Part A of Form 15CA is mandatory if the amount being remitted is taxable under the Income Tax Act, 1961 and the total sum of such remittances does not exceed INR 5 lakhs in a financial year.
- Part B: Completing Part B of Form 15CA is mandatory when the total sum of remittances exceeds INR 5 Lakh in a financial year and a certificate under section 195(2)/195(3)/197 of the Income-tax Act has been obtained from the Assessing Officer (with Nil or Lower rate certificate).
- Part C: Filling out Part C of Form 15CA is necessary when the total sum of remittances exceeds INR 5 lakhs during a financial year and a certificate in Form No. 15CB from a Chartered Accountant has been obtained.
- Part D: Part D is required to be filled where the remittance is not chargeable to tax under Income Tax Act.
It is crucial to ensure that the information provided in Form 15CA is accurate and complete. If the form is not submitted or if the information provided is incorrect, the payer may be subject to penalties and fines.
Form 15CB
Form 15CB is a form required to be filled and submitted by chartered accountants when an individual or a company wishes to remit money abroad. It is a certificate issued by the chartered accountant certifying that the proposed remittance is in accordance with the Income tax act and the rules and regulations prescribed under it.
In the case of specified transactions as mentioned in Part C for Form 15CA, the payer is required to obtain a certificate from a Chartered Accountant (CA) in the form of Form 15CB, certifying that the proposed remittance is not chargeable to tax in India or that the tax has been paid or will be paid at the lower rate, as specified in the DTAA or in the Indian Income Tax Act.
Once the certificate is obtained, the payer can submit Form 15CA along with Form 15CB to the Income Tax department, along with the TDS deposited.
The form consists of various sections that need to be filled in with relevant information. Section A requires the details of the Name and address of the beneficiary of the remittance. Section B requires the following details:
- such as the Country to which remittance is made,
- Amount payable,
- Name of the bank,
- BSR Code,
- Proposed date of remittance
- Nature of remittance as per agreement/ document
- In case the remittance is net of taxes, whether tax payable has been grossed up?
- Taxability under the provisions of the Income-tax Act (without considering DTAA)
- If income is chargeable to tax in India and any relief is claimed under DTAA-(i) whether tax residency certificate (TRC) is obtained from the recipient of remittance,
- Amount of TDS
- Rate of TDS
- Actual amount of remittance after TDS,
- Date of deduction of tax at source,
It is important to note that the chartered accountant issuing the certificate must have a valid practicing certificate with the Institute of Chartered Accountants of India.
The bank then verifies the information provided in the forms and, if satisfied, allows the remittance. In case the bank has any doubts or queries, it may seek clarifications or additional information from the person making the remittance or the chartered accountant.
Click on the link for instant access to multiple forms and guidelines for foreign remittances.
1. Form No. 15CA
- Form No. 15CA: Information to be furnished for payments to a Non-resident not being a company or to a foreign company.
https://incometaxindia.gov.in/forms/income-tax%20rules/103120000000007842.pdf
- FAQs on Form No. 15CA
- Form 15 CA User Manual
https://www.incometax.gov.in/iec/foportal/help/statutory-forms/popular-forms/form-15ca-um
2. Form No. 15CB
- Form No. 15CB: Certificate of a Chartered Accountant
https://incometaxindia.gov.in/forms/income-tax%20rules/103120000000007843.pdf
- FAQs on Form No. 15CB
- Form15CB User Manual
https://www.incometax.gov.in/iec/foportal/help/statutory-forms/popular-form/form15cb-um
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- What is 12A and 80G Registration?
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12A and 80G are two different registrations granted by the Income Tax Department to Non-profit organizations or NGOs that allows them to get tax exemption on the donations received from donors.
- What is the purpose of 80G Certificate Registration?
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The purpose of 80G Certificate Registration is to incentivize the donors who make impactful financial contribution to the NGOs or Non-Profit organisations.
- What is the purpose of 12A Certificate Registration?
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The purpose of 12A Certificate registration is to enable non-profit organisations such as section 8 company, trust, societies,NGOs to claim tax exemption on the donations received.
- What is the eligibility for registration of 12A and 80G Certificate?
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The minimum requirements for registration of 12A and 80G Certificate are as follows:
- The organization must be a registered NGO
- NGO should not have any income generated from a business.
- The organisation must maintain a regular book of accounts in favor of their receipts and expenses.
