Hello
Section 195 (6) of Income Tax Act, 1961 as amended by Finance Act, 2015 provides that Form 15 CA/CB is required to be furnished whether payment to non resident is chargeble to tax or not..
So it means all the Foreign Remittance will be cover under this latest amendment from 1st June 2015.. so does the Negative List under Rule 37BB still prevail after the 2015 amendment ?
I checked the Income Tax Rules on Income Tax Site but it is still not updated as on 3th June 2015.. hence it still says only about payment to non resident if chargeable to tax.
and the Forms on https://incometaxindiaefiling.gov.in/ still says "Information to be furnished for payments, chargeable to tax, to a non-resident not being a company, or to a foreign company."
it means new form is still no available... then how can one file 15CA from 1st June for foreign remittance? afterall penalty maybe now upto Rs.100000/-
And does the limit of Rs.50000/- and Rs.250000/- still available after the amendment.
And does the limit of Rs.50000/- and Rs.250000/- still available after the amendment.
This amendment is making business more difficult... as Nationalised Bank wants form 15CA/15CB for foreign remittance and private banks are send remittance without any such form.
CAclubindia
