Akansha jain (CA) (156 Points)
20 January 2024
S A
(55 Points)
Replied 20 January 2024
I think the client should approach his/her bank for this. In some banks the entire process is automated and all forms can be filled online. The customer has to just select the purpose and the bank website will tell which forms need to be filled.
I often send money to relatives abroad. I use Kotak Bank. Once I register a beneficiary, it only takes two minutes for a remittance request to be submitted. Note, Kotak has higher charges than many other banks.
Akansha jain
(CA)
(156 Points)
Replied 20 January 2024
S A
(55 Points)
Replied 20 January 2024
I am not a CA but I can say that 15CB is needed.
See the FAQ on 15CB on income tax's website.
"1. What is Form 15CB?
Form 15CB is a certificate to be furnished by an Accountant in cases where any payment / aggregate of payments exceeding ₹5 Lakh in a FY, chargeable to income tax is made to a Non-Resident, not being a company or to a Foreign Company, and a certificate from the AO u/s 195 / 197 is not obtained. In form 15CB, a CA certifies the details of the payment, TDS rate, TDS deduction and other details of nature and purpose of remittance. In other words, Form 15CB is the Tax Determination Certificate in which the CA examines a remittance with regard to chargeability provisions."
Akansha jain
(CA)
(156 Points)
Replied 20 January 2024
CAclubindia
