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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.
Through a press release dated 14th June 2021, the income tax department has relaxed the requirement of furnishing Form 15CA/15CB electronically on the new e-filing portal www.incometax.gov.in. The taxpayers can submit the said forms in manual format to the authorised dealers till 30th June 2021.
The income tax department has revised the rules relating to preparation & submission of Form 15CA and Form 15CB (see old rules of Form 15CB).
The revised rules became effective from 1st April 2016.
The significant changes are as follows –
For such payments information is required to be submitted in Part A of Form 15CA
Following documents is required to be submitted:
Part D of Form 15CA is required to be submitted.
|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|
|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.)|
|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.|
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.
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.