Form No 15CA/ 15 CB
- 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:-
- 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.
Please find attached the copy of the Press Release dated December 17, 2015 for your kind perusal.
Ministry of Finance
Furnishing of Information in Respect of Payments made to the Non-Resident
Section 195 of the Income-tax Act empowers the Central Board of Direct Taxes to capture information in respect of payments made to non-residents, whether chargeable to tax or not. Rule 37 BB of the Income-tax Rules has been amended to strike a balance between reducing the burden of compliance and collection of information under section 195 of the Act.
The significant changes under the amended Rules are:
- No Form 15CA and 15CB will be required to be furnished by an individual for remittance which do not requiring RBI approval under its Liberalised Remmittace Scheme (LRS)
- Further the list of payments of specified nature mentioned in Rule 37 BB which do not require submission of Forms 15CA and 15CB has been expanded from 28 to 33 including payments for imports.
- A CA certificate in Form No. 15CB will be required to be furnished only in respect of such payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds Rs. 5 lakh.
The amended Rules will become applicable from 01.04.2016.
Notification No. G.S.R. 978(E) dated 16th December, 2015 is available on the website of the Department at www.incometax.gov.in.