SURANA (PROPRIETOR) (515 Points)
13 August 2018Is form 15CA and form 15CB required for refund of money on account of cancellation of export order. ?
My client has received advance payment for export and due to some reason now the buyer has cancelled the order. So now refund of that advance payment is required to be done...Bank is asking for 15CA and 15CB. Thought no tax is applicable on this remittance...
Kindly provide your feedback on this issue.
Thank You
dumb Nitish
(171 Points)
Replied 13 August 2018
Nikhil Kaushik
(Fellow CA)
(85287 Points)
Replied 14 August 2018
dont think it is required as covered under Rule 37BB
dumb Nitish
(171 Points)
Replied 14 August 2018
Nikhil Kaushik
(Fellow CA)
(85287 Points)
Replied 14 August 2018
Dear Nitish,
If the transactions are covered under Rule 37BB, then neither of 15CA nor 15CB are required.
SURANA
(PROPRIETOR)
(515 Points)
Replied 14 August 2018
Nikhil ji ... what will be the code for it ? S1501?
Nikhil Kaushik
(Fellow CA)
(85287 Points)
Replied 14 August 2018
yes. that will be the code ...S1501
CAclubindia
