Hi All,
Income Tax has issued Notification No. 93 on 16th December, 2015 to Amend Rule 37BB, Procedure for Payment to Non-Resident
Following are the highlights of Notification:
- No Form 15CA and 15CB will be required to be furnished by an individual for remittance which do not requiring RBI approval under its Liberalised Remittance Scheme (LRS)
- A CA certificate in Form No. 15CB will be required to be furnished only in respect of such payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds Rs. 5 lakhs.
- The list of payments of specified nature mentioned in Rule 37 BB which do not require submission of Forms 15CA and 15CB has been expanded from 28 to 33 including payments for imports, additional items introduced as below:
|
Purpose Code as per RBI |
Nature of Payment |
|
S0101 |
Advance payment against imports |
|
S0102 |
Payment towards imports-settlement of invoice |
|
S0103 |
Imports by diplomatic missions |
|
S0104 |
Intermediary trade |
|
S0190 |
Imports below Rs.500000-(For use by ECD offices) |
- 15CB will also be required to be furnished and verified electronically.
- New form 15CC has been introduced in which even Authorised Dealers are required to furnish quarterly information to the Income Tax Department.
The above changes will be applicable w.e.f 01st April, 2016.
Do write me on chirag.haraniya @ gmail.com for any clarifications.
Regards,
Chirag M. Haraniya
Attached File : 144943 20151217195810 notification93 2015.pdf downloaded: 239 times
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