Is form 15CA and form 15CB required for refund of money on account of cancellation of export order. ?
My client has received advance payment for export and due to some reason now the buyer has cancelled the order. So now refund of that advance payment is required to be done...Bank is asking for 15CA and 15CB. Thought no tax is applicable on this remittance...
Kindly provide your feedback on this issue.
Thank You
dont think it is required as covered under Rule 37BB
Dear Nitish,
If the transactions are covered under Rule 37BB, then neither of 15CA nor 15CB are required.
Nikhil ji ... what will be the code for it ? S1501?
yes. that will be the code ...S1501
Yes, Form 15CB is required if the total remittance exceeds ₹5 lakh in a financial year and TDS is applicable. A single Form 15CB can be issued for multiple invoices to the same party, provided the nature of the payment is the same. However, it's best to confirm with your CA or bank, as some may prefer separate forms for each remittance.
Also, you can use this Excel-based utility to generate bulk XML files for Form 15CA and 15CB. It helps save time and ensures accuracy in filing.
Supports multiple invoices per party
Covers all parts: A, B, C, D and CB
Generates ready-to-upload XML files for the Income Tax Portal
Download here: https://xltool.in/15ca-15cb/
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