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Bill payment to foreign company

Suraj (735 Points)

10 May 2012

Mr.A has purchased some computer accessories from the british company. Now he has to make payment in pounds. How can he make this payment? Whether fprm 15 CB is required in such kind of transaction? kindly revet.

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CA. CS. Khushboo Dodhia Vora (Practicing Charatered Accountant) (125 Points)
Replied 12 May 2012

Mr. A can make an application to his bankers to make a transfer to the British Company.

Form 15CA, Form 15CB, application form, invoice of goods purchased and other document asked by bank would be required to be submitted to the Bank in order to transfer the funds.

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Arihanth Jain (Chartered Accountant) (1226 Points)
Replied 24 May 2012

Procedure to remit money outside India [Sec 195 read with Circular No. 04/2009]

ü Remitter obtains certificate from a CA i.e., Form 15CB

ü Remitter electronically (at www.tin-nsdl.com) uploads the remittance details in Form 15CA.

ü Remitter takes a print of the filled undertaking (Form 15CA) with system generated acknowledgement number and signs it

ü The duly signed Form 15CA (undertaking) and Form 15CB (certificate) is then submitted in duplicate to the RBI/authorized dealer i.e., to Banker, along with other documents (A1/A2) who in turn transfers the fund.

ü A copy of undertaking (Form15CA) & certificate of Accountant (Form15CB) is forwarded by RBI / Authorized Dealer to the concerned Assessing Officer.

(Source: Quick lessons in direct tax)

Arihanth Jain (Chartered Accountant) (1226 Points)
Replied 24 May 2012

Procedure to remit money outside India [Sec 195 read with Circular No. 04/2009]

a. Remitter obtains certificate from a CA i.e., Form 15CB

b. Remitter electronically (at www.tin-nsdl.com) uploads the remittance details in Form 15CA.

c. Remitter takes a print of the filled undertaking (Form 15CA) with system generated acknowledgement number and signs it

d. The duly signed Form 15CA (undertaking) and Form 15CB (certificate) is then submitted in duplicate to the RBI/authorized dealer i.e., to Banker, along with other documents (A1/A2) who in turn transfers the fund.

e. A copy of undertaking (Form15CA) & certificate of Accountant (Form15CB) is forwarded by RBI / Authorized Dealer to the concerned Assessing Officer.

(Source: Quick lessons in direct tax)

Arihanth Jain (Chartered Accountant) (1226 Points)
Replied 24 May 2012

Procedure to remit money outside India [Sec 195 read with Circular No. 04/2009]

a. Remitter obtains certificate from a CA i.e., Form 15CB

b. Remitter electronically (at www.tin-nsdl.com) uploads the remittance details in Form 15CA.

c. Remitter takes a print of the filled undertaking (Form 15CA) with system generated acknowledgement number and signs it

e. A copy of undertaking (Form15CA) & certificate of Accountant (Form15CB) is forwarded by RBI / Authorized Dealer to the concerned Assessing Officer.

(Source: Quick lessons in direct tax)