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Is tax payment must before 15cb

adi9879 (Consultant) (60 Points)

17 March 2012

Dear Forum Members,

Is it must that tax deducted u/s 195 has to be paid before remiting funds abroad ?

Can one obtain a CA's certificate 15CB & remit the tax latter...7th of the next month

Regards,

Adi

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3 Replies

CA. Anuj Gupta (Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA) (7024 Points)
Replied 17 March 2012

No, tax payment is not required.

Anuj

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Nitin (ICWAI) (39 Points)
Replied 17 March 2012

Yes, TDS payment has to made before making remittance. The following is procedure for Foreign Remittance.

Application for OTT / ODD as per Annexure III & A2 or Annexure X or Annexure XI.
Document in support of the remittance.(recommended)
Undertaking and certificate of deduction of Tax at source u/s 195 of I.T. Act (if aplicable).
Form & Application for Remittance U/s 195 of the Income Tax Act . (Annex 4, Para A.20 of Master Circular). Which is signed by Authorised signatory .
Form A2
Provide all details alongwith TDS if applicable to CA.
Obtain CA Certiifcate (Form 15 CA)
Based on CA Certificate (Form 15CA) fill furnish all the details online on NSDL tin website (Form 15CB) & sumbit the same.
Take a print & the same should be sign by Responsible / Authorised person.
Submit Remittance Letter, Undertaking, Form A2, Annex 4, Form 15 CA & Form 15CB to bank for remittance.

For any further clarification, please feel free.

Thanks,

Nitin

Attached File : 744437 949753 annex 4 para a 20 of master circular .xls downloaded: 280 times

adi9879 (Consultant) (60 Points)
Replied 17 March 2012

Dear Nitin,

I too did some research....does rule 30 helps us ....

² [Time and mode of payment to Government account of tax deducted at source or tax paid under sub-section (1A) of section 192.

30. (1) All sums deducted in accordance with the provisions of Chapter XVII-B by an office of the Government shall be paid to the credit of the Central Government—

(a ) on the same day where the tax is paid without production of an income-tax challan; and

(b ) on or before seven days from the end of the month in which the deduction is made or income-tax is due under sub-section (1A) of section 192, where tax is paid accompanied by an income-tax challan.