Regarding 15ca and 15cb

This query is : Resolved

aishwaryajagadish (Querist)
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08 August 2012 Dear Sir,

Please reply my query.

15ca and 15cb were signed on 7-08-2012 and proposed date of remittance as filled in both forms was 7-8-2012. But unfortunately, the forms were not submitted to Bank for foreign remittance due to recipient's wrong Bank A/c details. We are going to get his details in September month. Shall we use the same forms to same party in September month.

Chandrika

CA Vikas Kumar Sharma

CA Vikas Kumar Sharma (Expert)
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08 August 2012 First you have to go through the below rule for 15CA and 15CB -

Section 195 of the Income-tax Act, 1961 mandates deduction of income tax from payments made or credit given to non-residents at the rates in force.

For any remittance to non-resident, except in the case of certain personal remittances which have been specifically exempted by RBI, the following revised procedure will be required before remittance:

1. The person making the payment (remitter) will obtain a certificate from a practicing Chartered Accountant in Form 15CB.
2. The remitter will then access the website to electronically upload the remittance details to the Department in Form 15CA (undertaking). The information to be furnished in Form 15CA is to be filled using the information contained in Form 15CB (certificate).
3. The remitter will then take a print out of this filled up Form 15CA (which will bear an acknowledgement number generated by the system) and sign it. Form 15CA (undertaking) can be signed by the person authorised to sign the return of income of the remitter or a person so authorised by him in writing.
4. The duly signed Form 15CA (undertaking) and Form 15CB (certificate), will be submitted in duplicate to the RBI / authorized dealer. The RBI / authorized dealer will in turn forward a copy the certificate and undertaking to the Assessing Officer concerned.
5. A remitter who has obtained a certificate from the Assessing Officer regarding the rate at or amount on which the tax is to be deducted is not required to obtain a certificate from the Accountant in Form 15CB. However, he is required to furnish information in Form 15CA (undertaking) and submit it along with a copy of the certificate from the Assessing Officer as per the procedure mentioned from Sl.No.(1) to (4) above.

Forms 15CA & 15CB shall be available for upload and printout at www.tin-nsdl.com.

and decide whether you are compling above procedure or not.