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FORM 15CB AND 15CA (Income Tax)

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This query is : Open



( Author )
16 April 2010


HI FRIENDS,

HOW ARE YOU, I HAVE A QUARRY WE ARE IN BUSINESS OF IMPORT AND WHEN WE ARE IMPORTING GOODS AND TRANSFERING ADVANCE MONEY AGAINST IMPORT OF GOODS WE SUBMITTED FROM NO 15CB AND 15 CA TO OUR BANK i.e BANK OF BARODA.
BECAUSE OUR BANK i.e BANK OF BARADA DOES NOT TRANSFERED MONEY WITHOUT FORM NO 15CA & 15CB. BUT AT THE SAME TIME THE OTHER BANK LIKE CORPORATION BANK, AXIS BANK THEY DO NOT ASK FOR FORM NO 15 CA AND FORM NO 15CB FORM TRANSFERIGN MONEY AGAINST IMPORT.

MY QYARRY IS WHICH BANK IS RIGHT OR WHICH BANK IS WROUNG. AS I HAVE PERSONALLY VISITED TO CORPORATION THEY TOLD ME THERE IS NO REQUIREMENT OF FORM NO 15CA AND 15 CB AS PER RBI CIRCULAR.

PLEASE I WOULD LIKE TO KN0W IF BANK OF BARODA OUR BANK IS WROUNG THEN I WOULD LIKE TO OPEN MY C/A WITH SOME OTHER BANK BECAUSE IT IS VERY DIFFICULT FOR US TO GO TWICE OR THRICE TO CA OFFICE FOR FORM NO 15CA. IF SOME TIME CA IS AVAILABLE WE CANNOT TRANSFERED MONEY IN THAT CASE.

THANKS IN ADVANCE WITH REGARD.


CA Kapil B Gupta

( Expert )
16 April 2010

Form 15CA & 15CB both are must to be submitted to bank while remitting foreign payment alongwith Form A-2, these as per guidlines issued by RBI.
You can not give excuse that CA is not available.
Every Form A-2, payment should accompanied with Form 15CA & 15CB.


CMA. CS. Sanjay Gupta

( Expert )
16 April 2010

AGREE WITH KAPIL JI.


CA Prashant Gupta

( Expert )
16 April 2010

I don't agree with Mr. Kapil and Mr. Sanjay.
if this is import of goods then no need of 15CA and 15CB.
only A-2 is sufficient.
15CA and 15CB is for payment for services.
For import of goods these are not applied.


bishan singh negi

( Author )
18 April 2010


HI,

Prashant jee,

Could you please help me out that there is no requirement of FORM NO 15CA OF 15CB IN the case of import of goods. i mean is there any circular where is mentioned these forms means payment only for services. so that i can show this to our Banker.

Sir, I will feel highly oblidge if you get this work done.

Thank u so much in advance


CA Prashant Gupta

( Expert )
24 April 2010

Dear Mr. Negi
These are form is applicable vide circular no 4/2009 dt 29-6-2009.
this is applicable u/s 195 and 195 is for TDS on services. on purchase or import of material sec 195 is not applicable so these forms will also not applicable.
some part of circular is given below:

Section 195 of the Income-tax Act, 1961 mandates deduction of income tax from payments made or credit given to non-residents at the rates in force. The Reserve Bank of India has also mandated that except in the case of certain personal remittances which have been specifically exempted, no remittance shall be made to a non-resident unless a no objection certificate has been obtained from the Income Tax Department. This was modified to allow such remittances without insisting on a no objection certificate from the Income Tax Department, if the person making the remittance furnishes an undertaking (addressed to the Assessing Officer) accompanied by a certificate from an Accountant in a specified format. The certificate and undertaking are to be submitted (in duplicate) to the Reserve Bank of India / authorised dealers who in turn are required to forward a copy to the Assessing Officer concerned. The purpose of the undertaking and the certificate is to collect taxes at the stage when the remittance is made as it may not be possible to recover the tax at a later stage from non-residents.
2. There has been a substantial increase in foreign remittances, making the manual handling and tracking of certificates difficult. To monitor and track transactions in a timely manner, section 195 was amended vide Finance Act, 2008 to allow CBDT to prescribe rules for electronic filing of the undertaking. The format of the undertaking (Form 15CA) which is to be filed electronically and the format of the certificate of the Accountant (Form 15CB) have been notified vide Rule 37BB of the Income-tax Rules, 1962.


bishan singh negi

( Author )
24 April 2010

OK,

RIGHT SIR,

THANK U SO MUCH FOR YOUR VALUABLE COMMENTS,


CA MAHESH SAWANT

( Expert )
19 March 2013

But as per Rbi Circular:-
.6 Reasons for Change: Section 195 of the Income Tax Act 1961 mandates deduction of tax from payments made or credit given to non-residents at the rates in force and CBDT circular No.4/2009 (Annex IV) dated June 29, 2009 provides that an undertaking in Form 15 CA accompanied by Chartered Accountant’s certificate in Form 15 CB needs to be furnished by the person making the remittance or giving credit to a non-resident.

3.7 Basically, any non-business related expenditure or payment does not attract TDS. Therefore, if the remittance is not related to any business transaction or the remitter is not claiming it as business expenditure and the payment is by debit to the bank account of the resident individual the question of submitting Form 15 CA/CB does not arise


ca gaurav mittal

( Expert )
30 December 2013

INCOME-TAX (TWELFTH AMENDMENT) RULES, 2013 - SUBSTITUTION OF RULE 37BB AND FORM NOS. 15CA AND 15CB

NOTIFICATION NO. 58/2013 [F.NO.149/119/2012-SO(TPL)]/SO 2363(E), DATED 5-8-2013

In exercise of the powers conferred by sub-section (6) of section 195 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—
1. (1) These rules may be called the Income-tax (12th Amendment) Rules, 2013.
(2) They shall come into force on the 1st day of October, 2013.
2. In the Income-tax Rules, 1962 (hereafter referred to as the said rules), for rule 37BB, the following rule shall be substituted, namely:—
"37BB. Furnishing of information by the person responsible for making payment to a non-resident, not being a company, or to a foreign company—(1) The person responsible for making any payment to a non-resident, not being a company, or to a foreign company shall furnish the following, namely:—
(i) the information in Part A of Form No.15CA, if the amount of payment does not exceed fifty thousand rupees and the aggregate of such payments made during the financial year does not exceed two lakh fifty thousand rupees;
(ii) the information in Part B of Form No.15CA , if the payment is not chargeable to tax and is of the nature specified in column (3) of the specified list ;
(iii) the information in Part C of Form No.15CA for payments other than the payments referred in clause (i) and clause (ii) after obtaining—
(a) a certificate in Form No. 15CB from an accountant as defined in the Explanation below sub-section (2) of section 288; or
(b) a certificate from the Assessing Officer under section 197; or
(c) an order from the Assessing Officer under sub-section (2) or sub-section (3) of section 195.
(2) The information in Form No. 15CA shall be furnished by the person electronically to the website designated by the Income-tax Department and thereafter signed printout of the said form shall be submitted to the authorised dealer, prior to remitting the payment.
(3) An income-tax authority may require the authorised dealer to furnish the signed printout referred to in sub-rule (2) for the purposes of any proceedings under the Act.
(4) The Director General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture, transmission of data and shall also be responsible for the day-to-day administration in relation to furnishing the information in the manner specified.
Explanation. - For the purposes of this rule,—
(a) 'authorised dealer' means a person authorised as an authorised dealer under sub-section (1) of section 10 of the Foreign Exchange Management Act, 1999 (42 of 1999);
(b) the specified list refers to the payments of the nature as indicated below:
SPECIFIED LIST
Sl.No. Purpose code as per RBI Nature of payment
(1) (2) (3)
1 S0001 Indian investment abroad -in equity capital (shares)
2 S0002 Indian investment abroad -in debt securities
3 S0003 Indian investment abroad -in branches and wholly owned subsidiaries
4 S0004 Indian investment abroad -in subsidiaries and associates
5 S0005 Indian investment abroad -in real estate
6 S0011 Loans extended to Non-Residents
7 S0101 Advance payment against imports
8 S0102 Payment towards imports-settlement of invoice
9 S0103 Imports by diplomatic missions
10 S0201 Payments for surplus freight or passenger fare by foreign shipping companies operating in India.
11 S0202 Payment for operating expenses of Indian shipping companies operating abroad.
12 S0203 Freight on imports - Shipping companies
13 S0204 Freight on exports - Shipping companies
14 S0206 Booking of passages abroad - Shipping companies
15 S0208 Operating expenses of Indian Airlines companies operating abroad
16 S0209 Freight on imports - Airlines companies
17 S0212 Booking of passages abroad - Airlines companies
18 S0213 Payments on account of stevedoring, demurrage, port handling charges etc.
19 S0301 Remittance towards business travel.
20 S0302 Travel under basic travel quota (BTQ)
21 S0303 Travel for pilgrimage
22 S0304 Travel for medical treatment
23 S0305 Travel for education (including fees, hostel expenses etc.)
24 S0401 Postal services
25 S0501 Construction of projects abroad by Indian companies including import of goods at project site
26 S0601 Payments for life insurance premium
27 S0602 Freight insurance - relating to import and export of goods
28 S0603 Other general insurance premium
29 S1011 Payments for maintenance of offices abroad
30 S1201 Maintenance of Indian embassies abroad
31 S1202 Remittances by foreign embassies in India
32 S1301 Remittance by non-residents towards family maintenance and savings
33 S1302 Remittance towards personal gifts and donations
34 S1303 Remittance towards donations to religious and charitable institutions abroad
35 S1304 Remittance towards grants and donations to other governments and charitable institutions established by the governments.
36 S1305 Contributions or donations by the Government to international institutions
37 S1306 Remittance towards payment or refund of taxes.
38 S1501 Refunds or rebates or reduction in invoice value on account of exports
39 S1503 Payments by residents for international bidding".
3. In the said rules, in Appendix II, for Form No.15CA and Form No. 15CB, the following Forms shall be substituted, namely:-
FORM NO. 15CA
(See rule 37BB)
Information to be furnished for payments to a non-resident not being a company, or to a foreign company

Form No. 15CB
(See rule 37BB)
Certificate of an accountant 1


1. To be signed and verified by an accountant (other than an employee) as defined in the Explanation below sub-section (2) of section 288 of Income-tax Act, 1961.


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