Making payments outside India requires certain compliances. One such compliance is to submit Form 15CA and 15CB, when required. The various scenarios where you need to submit these forms have been discussed in this article.
  1. Here are the full details
  2. When payment made is Rs 5 lakhs or less
  3. When payment made exceeds Rs 5 lakhs
  4. When the payment made is not chargeable to tax under income tax act
  5. Frequenetly Asked Question
Submission of Form 15CA and Form 15CB
The income tax department has revised the rules relating to preparation & submission of Form 15CA and Form 15CB (see old rules of  Form 15CB ). Revised rules became effective from 1st April 2016. The significant changes are as follows –
  • Form 15CA and 15CB will be NOT be required to be furnished by an individual for remittance, which does not require RBI approval
  • List of payments of specified nature mentioned in Rule 37BB, which do not require submission of Forms 15CA and 15CB, has been expanded from 28 to 33 including payments for imports.
  • Form No. 15CB will only be required for payments made to non-residents, which are taxable and if the payment exceeds Rs. 5 lakhs.

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1. Here are the full details

A person responsible for making a payment to a non-resident or to a foreign company has to provide the following details –

2. When payment made is below Rs 5 lakh

For such payments information is required in Part A of Form 15CA

3. When payment made exceeds Rs 5 lakh

  • Part B of Form 15CA has to be provided
  • Certificate in Form 15CB from an accountant
  • Part C of Form 15CA

4. When the payment made is not chargeable to tax under IT Act

  • Part D of Form 15CA
  • In the following cases, no submission of information is required
    • The remittance is made by an individual and it does not require prior approval of Reserve Bank of India [as per the provisions of section 5 of the Foreign Exchange Management Act, 1999 (42 of 1999) read with Schedule III to the Foreign Exchange (Current Account Transaction) Rules, 2000]
The remittance is of the nature specified in the list below:
Rule 37BB
Sl. No. Nature of Payment
1 Indian investment abroad -in equity capital (shares)
2 Indian investment abroad -in debt securities
3 Indian investment abroad-in branches and wholly owned subsidiaries
4 Indian investment abroad -in subsidiaries and associates
5 Indian investment abroad -in real estate
6 Loans extended to Non-Residents
7 Advance payment against imports
8 Payment towards imports-settlement of invoice
9 Imports by diplomatic missions
10 Intermediary trade
11 Imports below Rs.5,00,000-(For use by ECD offices)
12 Payment- for operating expenses of Indian shipping companies operating abroad.
13 Operating expenses of Indian Airlines companies operating abroad
14 Booking of passages abroad -Airlines companies
15 Remittance towards business travel.
16 Travel under basic travel quota (BTQ)
17 Travel for pilgrimage
18 Travel for medical treatment
19 Travel for education (including fees, hostel expenses etc.)
20 Postal Services
21 Construction of projects abroad by Indian companies including import of goods at project site
22 Freight insurance – relating to import and export of goods
23 Payments for maintenance of offices abroad
24 Maintenance of Indian embassies abroad
25 Remittances by foreign embassies in India
26 Remittance by non-residents towards family maintenance and savings
27 Remittance towards personal gifts and donations
28 Remittance towards donations to religious and charitable institutions abroad
29 Remittance towards grants and donations to other Governments and charitable institutions established by the Governments.
30 Contributions or donations by the Government to international institutions
31 Remittance towards payment or refund of taxes.
32 Refunds or rebates or reduction in invoice value on account of exports
33 Payments by residents for international bidding.

Frequently Asked Questions

  • What are consequences involved for Non filing of Form 15CA 15CB?
    If an Assessee who is required to file Form 15CA 15CB fails to furnish the same before making remittance to a non resident, then he has shall be liable to penalty provisions under section 271I of the Income tax Act, 1961. Such Penal provision shall be attracted even if the person furnished inaccurate information. The amount of penalty which the Assessing officer may ask the Assessee to pay for Non compliance is Rs.1lakhs.
  • Can Filed Form 15CA form 15CB be revised or cancelled
    Yes, Form 15CA can be withdrawn within 7 days from the date of Submission. The link to withdraw the submitted form will be available on the website of the Assessee concerned.
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