Mayur Khetshi Nisar (Practice) (139 Points)
17 May 2010Dear All,
Our clients bankers have insisted on Form 15 CA for advance remittance for imports.
TDS is however not applicable to the same as its an advance for import of material and not services.
I was looking for clarification on the same in the FEDAI Rules / Guidelines.
Can somebody please help.
Regards
Mayur
Mayur Khetshi Nisar
(Practice)
(139 Points)
Replied 17 May 2010
Thanks Rachit, but the said circular deals with chargeability.
Can you throw some light on the applicability of procedural formalitites, viz. 15 CA and 15 CB.
MOHIT KUMAR JAIN
(CFO)
(68 Points)
Replied 17 May 2010
Can we argue with the Bank that since we for the purpose of making foreign remittance are submitting Form A-1 (not A-2), Purchase Order (which clearly says that it is import of material and not services) and Proforma Invoice of the Party (which again clearly says that it is import of material and not services), where is the requirement of 15 CA or 15 CB?
Regards / MOHIT
Mayur Khetshi Nisar
(Practice)
(139 Points)
Replied 17 May 2010
I believe the said argument will not work, as Form 15 CA and 15 CB mention whether the purpose of remittance is for buying an article. ?
That's what is creating all the confusion .
Regards
Mayur
Rachit
(Analyst)
(913 Points)
Replied 17 May 2010
Sec.195(6), makes it mandatory for a person making foreign remittance to furnish information in Form 15CA.
Applicability of procedural formalitites, viz. 15 CA and 15 CB have been prescribed in Rule 37BB
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