04 August 2009
OUr Company regularly imports Equpt spares from our OEM & chemicals for our operations,both Non Residents for which payment is made thru L/Cs at sight. So far our Authorised Dealer never insisted for any document,viz, Order u/s 195(2) or CA certificate for establishing or payment thru L/C .
In view of the new CBDT provisions, please clarify:
1) Whether both Form 15CB (CA Certificate) & Form 15CA are required for payemnt thru L/Cs
2) If yes,at what point of time these forms Form 15CA is to be submitted? a) While Opening L/C or b) while retiring L/C.
3)In case of a) it is not possible to know the date of remittance as LC specifies only Latest date of shipment+21 days for negotiation. ,In case of b)exact date of remittance by negotiating/ advsising/ correspondent bank to NR cannot be known to remitter. So what date should be mentioned in "proposed date of remittance"? Thanks
26 November 2009
The date your account has to be debited is the date of your remittance. If your import includes a payment that involves payment of FTS then TDS may be applicable on that portion. This usually happens for import of machines.
CAclubindia
