05 May 2016
My company import waste paper to use in co., now as per new rule is there any need to file form 15CA & 15CB? we make payment to party at the time of delivery of goods against invoice
07 May 2016
Import of Scrap not covered under rule 37BB hence 15CA-CB is mandatory if fulfil the other following conditions.
Form 15CB will not be required till the aggregate of remittances during the financial year does not exceed Rs. 5 lakhs. Form 15CB will also not be required where order/certificate of lower/no deduction is taken from the Jurisdictional Assessing Officer us 195(2), 195(3), 197 of the Income Tax Act’1961. Form 15CB is also not required where the remittance is not chargeable to tax.
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