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Documents required for outward remittances for payment proc

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b.sreenivasa rao

Employee

139 Points Posted on 20 September 2013

One of my friend is working as an Finance Manager in Software company. The company is used to export software services to USA and Finland and other countries.

They too get import of software development services and other development work from USA and Finland. For making outward remittances what type of documents required for processing payments to the customer.

In my view Export Invoice and PO etc. Is it required to Deduct TDS on the Invoice Amount. And also form 15CA and 15CB is required for making payments.

I request my friends to put here the required documents for making outward remittances.

And also both Inward and Outward remittances what type of documents required for making payments.

If Form 15CA is required what type of narration to be mentioned in Nature of Remittance.

Regards

B.Sreenivasa Rao

Replies (1)

Vijay Srivastava

Senior Accountant

38 Points Posted on 21 September 2013

Dear,

for outward remittence:

invoice,fund transfer form of the bank or bank request letter for fund transfer,form a2,15 ca,cb.and also confirm to ca that if there is any tds applicable or not if not then they quote rbi notification reference.if tds will apply you have to deduct the tds amount as per prescribed rate and deposit to the tax department.

country like nepal and bhutan -you have to received fund first then you can transfer the payment.

for inward remitence:

full bank account details,and invoice of the service which you have provide or will provide.

Thanks & Rgds,

Vijay.S