Procedure to File & View Form 15CA & 15CB – Step by Step
To regularize the payments and to check any illegal foreign money transfers, time and again the government of India came up with various measures, and e-file form 15CA/CB is one of them.
What is Form 15CA?
Form 15CA is a formal declaration made by the remitter and this is used for collecting data in respect of payments made which might be chargeable to income tax. This system of information processing by the Income tax Department to identify the foreign money transfers in the primary stage helps to keep a check on tax evasion activities.
As per rule 37BB, form 15CA is to be filed if the remittance is chargeable to income tax under the income tax act, 1961 and the amount does not exceed INR 5 lakh during the financial year.
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Form 15CA contains the information of your remittances to a non-resident not being a company.
How to e-file Form 15CA?
1. Visit the income tax e-filing platform [https://www.incometaxindiaefiling.gov.in/home]
2. Log-in using your unique credentials.
3. Click on the E-file tab of the top right corner and then tap on Income tax forms.
4. Choose form 15CA from the drop-down bar.
5. Fill-up form 15CA and then click on submit.
· Check pre-filed PAN details before submitting them.
· Mandatory to submit Form 15CB prior to form 15CA.
· Acknowledgment no. of form 15CB needs to be filed in form 15CA.
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What is Form 15CB?
A chartered accountant plays an important role in the completion of Form 15CB. Form 15CB needs to be signed by the certified chartered accountant. This certifies that the documents are being assessed by the chartered accountant and the taxes are being paid on the aforesaid Income. Certain details are required from Form 15CB at the time of submitting Form 15CA.
How to e-file form 15CB?
Form 15CB requires a chartered accountant to verify details and certify. You can reach out to online CA Services to get your form 15 CB certificate. The best way for instant response, affordable and great service is to make a request here https://www.caonweb.com/15ca-15cb-certificate.php
PAYMENTS WHERE E-FILE FORM 15CA/CB IS NOT REQUIRED?
1. Indian investment abroad:
· Branches and wholly-owned subsidiaries
· Subsidiaries and associates
· Equity capital (shares)
· Debt securities
· Real estate
· Donations to religious and charitable institutions abroad
· Towards family maintenance and-savings
· Personal gifts and donations
· Payment or refund of taxes
· Foreign embassies in India
· Business travel
· Basic travel quota (BTQ)
· Medical treatment
4. Operating expenses of Indian Airlines/shipping companies operating abroad
5. Refunds or rebates or reduction in invoice value on account of exports
6. Payments made during international bidding.
7. Maintenance of Indian embassies abroad
8. Payments for maintaining offices abroad
9. Donations to international institutions
10. Import/export of goods insurance
11. Loans extended to Non-Residents
12. Postal services
IMPORTANT DETAILS WHICH NEEDS TO BE FURNISHED
I. Details of Remitter
- PAN Number
- E-Mail Address and Phone No.
- Status of the Remitter (Firm/Company)
- Principal Place of Business of the Remitter
II. Details of Remittee
- Principal Place of the Remittance
- Business Portfolio
- Name and Status
III. Details of the Remittance
- Amount of Remittance in Indian Currency
- Nature of Remittance as Per Agreement
- Currency in Which Remittance Is Made
- Country to Which Remittance Is Made
- Proposed Date of Remittance
IV. Bank Details of the Remitter
- Name of Bank of the Remitter
- Name of Branch of the Bank
- BSR Code of the Bank
- Father’s Name of the Signing Person
- Designation Of The Signing Person
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