FORM 15CA & FORM 15CB- COMPLIANCE FOR FOREIGN REMITTANCE

COMPLIANCE FOR FOREIGN REMITTANCE

Foreign remittances stand for the transfer of money by a foreign worker to his home. When it comes for the taxpayers, FORM 15 CA & FORM 15 CB is a declaration and tax determination certificate respectively. With regard to tax payers, the certain information’s has been collected through tools which are chargeable to tax in the hands of recipient non-residents.

Income tax department has used this effective and utilised method for tracking up of foreign remittances. With this, income tax laws, when it comes to the foreign remittances various authentications are made to person who is non-resident for the amounts which are taxable.

With going with these process safe and easier, Income Tax Act has made the various rules, regulation and guidelines. The concept of form-15 CA initialises when any person is making a payment either to non-resident or foreign company, which is submitted online.

In another cases, where the form 15 CA doesn’t goes then the form 15 CB is required before uploading form 15 CA. In form 15 CB certain information includes as like the details and nature of the remitter, which also includes the agreement between the two parties, banks details etc.

In the process of FORM 15 CA & FORM 15 CB, for obtaining the certificate in form-15 CB is made after making the payments in form-15 CA. After that form-15 CA is uploaded by remitter on Income tax Department sites, with the electronic signs.

There are the certain cases where the form- 15 CB is not required, where the amount of remittance doesn’t exceed Rs. 50,000 and Rs. 2,50,000 and where the remittance amount is not taxable.

Where there is Indian investment abroad-in equity capitals, in debt securities, in real estate, loan extends to non-residents, travel for pilgrimage, medical treatments, educations, remittance towards foreign travels, postal services, payments for maintenance of office abroad, remittances by foreign embassies in india, payments by residents for international bidding, remittance towards personal gifts and donations etc., in all such cases FORM 15 CA & FORM 15 CB both are not required.

Author: This blog is written by Ms. Deepshikha Dabi, a passionate blogger & intern at  Aapka Consultant.

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