Form 15 ca and cb

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Mangesh Aralkar

Mangesh Aralkar (Querist)
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25 May 2015 Why do we need to submit the form 15 CA and CB to the bank while processing foreign remittance / Payment.

CA Prince Wadhwa

CA Prince Wadhwa (Expert)
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25 May 2015 Rule 37BB. (1) Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest or salary or any other sum chargeable to tax under the provisions of the Act, shall furnish the following, namely:

(i) the information in Part A of Form No.15CA, if the amount of payment does not exceed fifty thousand rupees and the aggregate of such payments made during the financial year does not exceed two lakh fifty thousand rupees;

(ii) the information in Part B of Form No.15CA for payments other than the payments referred in clause (i).

whereas Form 15CB certificate has been prescribed under Section 195(6) of the Income tax Act and is an alternate channel of obtaining Tax clearance apart from Certificate from Assessing Officer.

Hope this will resolve your issue.
If there is any further queries you may contact the undersigned:

CA Prince Wadhwa
+91-9999000671
cawadhwaassociates@gmail.com

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