Filing of form 15ca and 15cb
This query is : Resolved
09 June 2015
For import of timber from Malaysia, payment has to be made. But banks insist on form no 15ca and 15cb on payments made after 1st June 2015. Can TDS be made on payment against purchase?, if yes, what is the rate of TDS and section. Please let us know the procedure for filing 15ca and 15cb.
09 June 2015
Yes TDS can be deducted due to amendment below
Now provisions Form 15CA and Form 15CB to be extended even in respect of payments, which in the opinion of the payer, are not chargeable to tax under the IT Act
Amendments in provisions related to Section 195(6) of the Act
Currently, section 195(6) of the Act provides that any person responsible for making payments to a non-resident of any sum chargeable under the IT Act will provide such information as may be prescribed. Pursuant to such provision Form 15CA and Form 15CB are required to be furnished by payers.
Such reporting requirements are now amended to be extended even in respect of payments, which in the opinion of the payer, are not chargeable to tax under the IT Act.
Further, currently there is no penalty prescribed for non-furnishing of information or furnishing of incorrect information under section 195(6) of the IT Act (i.e. form 15CA and form 15CB). It is now amended to provide a penalty of one lakh rupees in case of non-furnishing of information or furnishing of incorrect information under section 195(6) of the Act. W.e.f. 01.06.2015
Now provisions Form 15CA and Form 15CB to be extended even in respect of payments, which in the opinion of the payer, are not chargeable to tax under the IT Act
Amendments in provisions related to Section 195(6) of the Act
Currently, section 195(6) of the Act provides that any person responsible for making payments to a non-resident of any sum chargeable under the IT Act will provide such information as may be prescribed. Pursuant to such provision Form 15CA and Form 15CB are required to be furnished by payers.
Such reporting requirements are now amended to be extended even in respect of payments, which in the opinion of the payer, are not chargeable to tax under the IT Act.
Further, currently there is no penalty prescribed for non-furnishing of information or furnishing of incorrect information under section 195(6) of the IT Act (i.e. form 15CA and form 15CB). It is now amended to provide a penalty of one lakh rupees in case of non-furnishing of information or furnishing of incorrect information under section 195(6) of the Act. W.e.f. 01.06.2015
Message likes :
1 times
09 June 2015
YOU HAVE TO FILE DETAIL OF ANY FOREIGN PAYEMNT IN TDS RETURN , TDS DEDUCTED OR NOT OTHERWISE RS. ONE LAC PENALITY WILL IMPOSED.
AND ON PURCHSAE TDS IS NOT REQUIRED.
YOU HAVE TO SUBMIT THE FORM AS MENTION BY YOU.
AND ON PURCHSAE TDS IS NOT REQUIRED.
YOU HAVE TO SUBMIT THE FORM AS MENTION BY YOU.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- Bank details not Visible on Traces Portal
- TDS ON EMAIL DOMAIN SERVICE BILL
- Journal entry of busniess expenses
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
