CBDT vide Notification No. 89/2023 dated October 16, 2023 has amended Rule 37BB of the Income Tax Rules, 1962 to exempt IFSC units from furnishing Part D of Form 15CA for non-taxable remittances.
This exemption is a welcome move, as it will simplify the compliance process for IFSC units and reduce the administrative burden on them. It is also a positive step towards promoting ease of doing business in India.
However, it is important to note that IFSC units will now be required to submit a quarterly statement in Form 15CD, detailing all remittances made to non-residents or foreign companies. This form will need to be submitted electronically to the Income Tax Department within 30 days of the end of each quarter.
IFSC units should take note of this new requirement and ensure that they are in compliance.
Here is a summary of the key changes
- Form 15CA: IFSC units are no longer required to furnish Part D of Form 15CA for non-taxable remittances.
- Form 15CD: IFSC units are now required to submit a quarterly statement in Form 15CD, detailing all remittances made to non-residents or foreign companies.
Click here to view / download the official notification
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