Filing of form 15ca and 15cb

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b v narayana (Querist)

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.

JUGAL PATEL

JUGAL PATEL (Expert)

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

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Rupesh Jain

Rupesh Jain (Expert)

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.

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