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Form 15ca - cb

hardik (Student CA IPC / IPCC) (35 Points)

25 May 2016

Hello Everyone, I want to know if we are paying for raw material import from china exceeding Rs 5,00,000. So I want to know which Type of Form 15CA is applicable [ Part A/B/C/D ] for this Payment. Can any one guide me regarding this four 15CA form.

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2 Replies

Nihar Ranjan Rout (CA Final & CS Final) (577 Points)
Replied 25 May 2016

Nothing is required. Check the new rule 37BB

hardik (Student CA IPC / IPCC) (35 Points)
Replied 26 May 2016

Thank You Sir for your reply. please clarify regarding ‘Payment towards imports-settlement of invoice’

4. As per the first Notification No. 58/2013, Form 15CA and 15CB were not required for 39 items of payments. These items then reduced to 28 items in the later Notification No. 67/2013. The following 11 items of payments are therefore removed from the specified list:

(i) Advance payment against imports
(ii) Payment towards imports-settlement of invoice
(iii) Imports by diplomatic missions
(iv) Payment for surplus freight or passenger fare by foreign shipping companies operating in India
(v) Freight on imports-Shipping companies
(vi) Freight on exports-Shipping companies
(vii) Booking of passages abroad –Shipping companies
(viii) Freight on imports-Airlines companies
(ix) Payments on account of stevedoring, demurrage, port handling charges, etc.
(x) Payments for life insurance premium
(xi) Other general insurance premium

5. From the above, it can be seen that as per Rule 37BB the specified information (i.e. Form 15CA and Form 15CB) is required to be furnished only in the case of payments made to a non-resident which are chargeable to tax in India. However, amongst others ‘Advance payment against imports’ and ‘Payment towards imports-settlement of invoice’ are not appearing in the final list of items of payments for which Form 15CA and 15CB are not required in the same Rule 37BB.