Form No.15CA & 15CB

TDS / TCS 1833 views 1 replies
Dear sirs
 
I have afollowing querry on Form 15CA  & 15CB
 
 
One of my client is importing materials from abroad and its cost is paid by  outward remittance through authorised dealers. As one is aware foreign Remittance is now not permiited unless form 15CA is uploaded and certificate from accountant is obtained in Form 15CB and submitted in duplicate to authorised dealers. In past bankers were not insisting for such certificates before remittance and the amount was transmitted without it. Of late bankers are insisting for form 15CA &CB before remittance. Further bankers  are now insisting for form No.15CA & 15CB for  remittances made  earlier  also.
 
Now when we tried to upload form No.15CA for earlier remittances made with actual date of remittance ,  we could not upload form 15CA .Querry  prompts that the date of remittance should either be equal to current date (i.e. date of uploading )or any future date. we cannot upload  form 15CA for transactions that has  already taken place.
 
Please let us know what we should do in these circumstances?
 
Thanks & Regards
 
 
CA Kiran Vernekar
Replies (1)

Kiran

Ya its correct that you can't upload any 15CA Form for Past Period. 

The Purpose is to comply with the Indian Income Tax law before the Monies are transferred out of India.

Form 15CA / CB is needed only in case of A-2 Payments of FEMA.

You may keep the 15CB Certificate from the Chartered Accountant ready.

You have no option but to meet the Assessing Officer - International Taxation of your concerned Circle. 

You need to prove to them that all taxes (if any) payable is paid before remitting them out of India.

It is safer to wait for the Notice from the Assessing Officer enquiring about outward Remittances.

I am working with a Multinational Company in Mumbai having more than 35 group companies.

We have recieved notice from the Department in several companies asking for the details for Remittances made in Last 3 years

Hope the above will help you out.

 

 


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