Form 15 CA and 15 CB

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niyati

niyati (Querist)
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09 June 2010 Is it necessary to file Form 15CA and 15 CB for remmitance made to Company?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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09 June 2010 yes it is necessary for all foreign remittance.
Currently, remittances to non-residents are allowed by banks if the person making the remittance furnishes an undertaking, accompanied by a certificate from a Chartered Accountant (“CA”) certifying the rate for withholding tax as per section 195 of the Act. The banks then forward the certificates to the Reserve Bank of India (“RBI”), which in-turn forwards it to the Income tax department.

The process that will have to be followed, before any remittance can be made, is as under—

Step 1 : Obtain a certificate from a Chartered Accountant in Form No 15CB

Step 2:Furnish the information in Form No15CA

Step 3:Electronically upload Form 15CA on the designated website

Step 4:Take Print out of Form 15CA and file a signed copy

Step 5:Remit money to the Non Resident

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