Quick Summary
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 submi
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FAQ :
IFSC units are now exempt from furnishing Part D of Form 15CA for non-taxable remittances.
IFSC units are now required to submit a quarterly statement in Form 15CD.
Form 15CD requires details of all remittances made to non-residents or foreign companies.
Form 15CD must be submitted electronically to the Income Tax Department within 30 days of the end of each quarter.
These changes aim to simplify compliance for IFSC units and promote ease of doing business in India.
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