Filing of Form 15CA and 15CB in India

Form 15CA and 15CB


Form 15CA and 15CB are one of the documents, besides other documents, asked by the banker from the remitter at the time of remittance of money outside India.

 

Post liberalization of Indian economy in 1992, over the years, India has witnessed tremendous growth in international transactions by not even corporates but also Resident Individuals.

 

Therefore, every day millions of transactions are done through banking channels in the form of receipt of money in India or remittance of money abroad. In order to regulate such transactions through normal banking channels, revenue authorities in India in consultation with Reserve bank of India has prescribed some mandatory documents and procedures in order to check the authenticity of such payments and in order to ensure smooth processing of such transactions. One such mechanism is filing of form 15CA and 15CB at the time of remittance of money abroad.

 


Accordingly, every remitter of money to Nonresident or to foreign company or to foreign banks has to provide copies of form 15CA and 15CB to the bankers after uploading the same on the Income tax department portal. Thus, first such forms need to be uploaded online and later, a copy of same needs to be submitted to the AD Banker for permitting such remittance outside India.

 

It is not that such forms are required at the time of each and every payment outside India. As per Income Tax Rules, there are around 30 types of remittances where you do not require any submission of Form 15CA or Form 15CB.

 

Form 15CA is the remittance declaration form and it is used as a tool for collecting information in respect of payments that are chargeable to tax in the hands of the non-resident. The Income Tax Department has created an online facility to file information. Thus Form 15CA is required to be filed online with the Income-tax department.

 

Form 15 CB is that Form that has to be signed by the Chartered Accountant. It is the certificate for the rates and the right kind of tax paid. Relevant details are required from Form 15CB at the time of filing Form 15CA.

 

Further, chartered accountant has to also generate Unique Identification number and mention the same at the time of submission of form 15CB

 

List of information and documents required for filing form 15CA and 15CB online

 

Following are the list of information and documents required for filing online form 15CA and 15CB:

 

1)    Details of the remitter

 

a)     Remitter’s Name

b)    Remitter’s Address

c)     Remitter’s PAN

d)    Remitter’s place of business

e)     Remitter’s Email and mobile no.

f)      Remitter’s Status (firm/company/other)

 

2)    Details of the remittee

 

a.      Country to which remittance is made

b.     Currency in which remittance is made

c.      Amount of remittance in Indian currency

d.     Proposed date of remittance

e.      Nature of remittance as per agreement (invoice copy to be asked from client)

 

Also, for filing or uploading forms online digital signature and login id of income tax portal is also required.

 

Therefore, form 15CA and 15CB are one of the important documents asked by the banker at the time of remittance and non-filing/uploading of same will result in penalty from the tax authorities. Also, banker would not allow such remittances to be made outside India.

Location: India

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