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15CA/CB Filing Plan
15CA/CB Filing Plan of FirstFiling
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- Understanding the Nature of the Forex Transactions
- Compliance with Section 195 of the Income Tax Act.
- Rate of TDS deducted.
- Applicability of the Double Taxation Avoidance Agreement.
- Filing of Form 15CA on the Income tax Portal
- Filling out Form 15CB with the help of an Expert
- Transactions upto Rs. 5 Lacs
- Expert Fee Signing Excluded
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₹2499/-
- Understanding the Nature of the Forex Transactions
- Compliance with Section 195 of the Income Tax Act.
- Rate of TDS deducted.
- Applicability of the Double Taxation Avoidance Agreement.
- Filing of Form 15CA on the Income tax Portal
- Filling out Form 15CB with the help of an Expert
- Transactions more than Rs. 5 Lacs
- Expert Fee Signing Excluded
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About
Form 15 CA CB
Form 15CA And 15CB
Form 15CA is a declaration of foreign remittances made by individuals or entities in India. It is an essential document that facilitates the collection of information regarding payments that are subject to tax deductions or remittances under specified categories. On the other hand, Form 15CB is a certification issued by a chartered accountant, verifying the details of the transaction and the tax liability associated with it.
Form 15CA In Detail
Form 15CA is a document that you need to be familiar with when it comes to making foreign remittances. It serves the purpose of providing information about the remittances made to non-residents or foreign entities and helps the Indian Income Tax Department keep track of these transactions. It is a declaration form required by the Indian Income Tax Department for certain specified payments made to non-residents. It is used for reporting information related to remittances that are taxable in the hands of the recipient non-resident. The purpose of Form 15CA is to collect information regarding foreign remittances to ensure compliance with tax laws and to prevent tax evasion.
Form 15CA is applicable when a person resident in India makes a payment to a non-resident or a foreign company, and the payment is subject to tax deduction or is otherwise taxable in India. This includes various types of payments such as interest, royalty, technical fees, dividends, and other types of remittances.
Form 15CA at a glance
Know more About 4 Section of Form 15CA
Part A
This section applies when the remittance or the total of such remittances is taxable but does not exceed 5 lakh rupees during the financial year. In such cases, the details of the remittance need to be provided in Part A of the form.
Part B
If the remittance is taxable and the total remittance or the sum of such remittances exceeds 5 lakh rupees during the financial year, this section is applicable. Additionally, an order/certificate under sections 195(2)/195(3)/197 from the Assessing Officer (AO) must be obtained. Part B of the form is used to furnish the relevant information.
Part C
When the remittance is taxable, and the total remittance or the aggregate of such remittances exceeds 5 lakh rupees during the financial year, this section comes into play. However, in this case, a certificate in Form No. 15CB from a chartered accountant is required. Part C of the form is used to provide the necessary details along with the Form No. 15CB certificate.
Part D
This section is used when the remittance is not chargeable to tax. If the remittance falls under any exempted category and is not subject to taxation, the details of the remittance are provided in Part D.
How can FirstFiling Help?
Our team of Chartered Accountants provides expert guidance and support throughout the process of filing Form 15CA and Form 15CB.
We will assist you in accurately preparing and filling out the required forms. While preparing, we will review your transaction details and financial information to ensure all the necessary fields are correct to avoid any errors or omissions.
We will guide you in gathering the required supporting documents for Form 15CA and Form 15CB to ensure that all the necessary documents, such as invoices, agreements, and transaction details, are organised and submitted along with the forms.
We conduct a compliance check to ensure that your forms and supporting documents meet the regulatory requirements.
Depending on the net income after tax deductions, we can also help you in estimating and planning future spending and investments.
Our team helps you meet the filing deadlines for Form 15CA and Form 15CB so you can avoid any penalties or other consequences associated with late filing.
Who Needs To File Form 15CA?
If you are an individual, business, or any other entity in India making a payment to a non-resident or a foreign entity that is subject to tax deduction at source (TDS) or falls under specific categories mentioned in the Income Tax Act, 1961, you are required to file Form 15CA.
Types Of Transactions Requiring Form 15CA
Form 15CA is applicable for various types of transactions, including payments for imports, interest payments, royalties, dividends, commissions, consultancy fees, capital gains, and more. The nature of the transaction determines whether you need to file Form 15CA.
Exempted Categories Of Remittances
There are certain cases where no submission of information is required for foreign remittances. These cases include:
Remittance by an individual not requiring prior approval of the 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.
Remittances falling under specific categories mentioned in Rule 37BB, where neither Form 15CA nor Form 15CB needs to be filed. The list of payments exempted from these forms is as follows:
Indian investment abroad - in equity capital (shares)
Indian investment abroad - in debt securities
Indian investment abroad - in branches and wholly owned subsidiaries
Indian investment abroad - in subsidiaries and associates
Indian investment abroad - in real estate
Loans extended to Non-Residents
Advance payment against imports
Payment towards imports - settlement of invoice
Imports by diplomatic missions
Intermediary trade
Imports below Rs. 5,00,000 - (For use by ECD offices)
Payment for operating expenses of Indian shipping companies operating abroad
Contributions or donations by the Government to international institutions
Remittance towards payment or refund of taxes
Refunds or rebates or reduction in invoice value on account of exports
Payments by residents for international bidding
Remittance towards grants and donations to other Governments and charitable institutions established by the Governments
Operating expenses of Indian Airlines companies operating abroad
Booking of passages abroad - Airlines companies
Remittance towards business travel
Travel under basic travel quota (BTQ)
Travel for pilgrimage
Travel for medical treatment
Travel for education (including fees, hostel expenses, etc.)
Postal Services
Construction of projects abroad by Indian companies including import of goods at the project site
Freight insurance - relating to the import and export of goods
Payments for maintenance of offices abroad
Maintenance of Indian embassies abroad
Remittances by foreign embassies in India
Remittance by non-residents towards family maintenance and savings
Remittance towards personal gifts and donations
Remittance towards donations to religious and charitable institutions abroad
In these cases, no filing of Form 15CA or Form 15CB is required, simplifying the process for the specified nature of payments.
Steps To Fill Out Form 15CA
To fill out Form 15CA - Part A, Part B, and Part D, follow these steps:
Step 1 : Access the Income Tax Department's e-Filing portal
Step 2 : Navigate to the "Forms" section and select Form 15CA from the list of available forms.
Step 3 : Choose the applicable part
- Part A: If the remittance or the total of such remittances is taxable and does not exceed 5 lakh rupees during the financial year.
- Part B: If the remittance is taxable and the total remittance or the sum of such remittances exceeds 5 lakh rupees during the financial year, and you have obtained the required order/certificate from the Assessing Officer (AO).
- Part c: If the remittance is not chargeable to tax.
Step 4: Fill in the details - Provide accurate and complete information in the respective sections of the chosen part. Include details such as remitter's information, recipient's information, transaction details, nature of payment, and taxability.
Step 5 : Verify the information
Step 6 : Submit the form
Step 7 : Obtain the acknowledgment
Note: It is essential to keep a record of the filed Form 15CA and the acknowledgment receipt as it may be required for audit or compliance purposes.
Step-By-Step Procedure For Submitting Form 15CA - Part C (Online Mode):
Step 1: Obtain Form No. 15CB (Before proceeding with Form 15CA - Part C, ensure that you have obtained a certificate in Form No. 15CB from a chartered accountant (CA). This certificate verifies the tax liability associated with the remittance.)
Step 2: Access the Income Tax Department's e-Filing portal
Step 3: Select Form 15CA - Navigate to the "Forms" section on the portal and choose Form 15CA from the available forms.
Step 4: Choose Part C - Select Part C of Form 15CA, as this is the applicable section when you have obtained Form No. 15CB from a CA.
Step 5: Fill in the details - Enter the required information in the respective sections of Part C. Provide accurate details about the remitter, recipient, transaction, nature of payment, and other relevant information as per the instructions provided.
Step 6: Upload Form No. 15CB - Attach the certificate in Form No. 15CB that you obtained from the CA. Ensure that the certificate is properly scanned and uploaded in the specified format.
Step 7: Verify the information.
Step 8: Submit the form.
Step 9: Obtain the acknowledgment.
Points To Remember
1. In order to access and submit Form 15CA online, you need to be a registered user on the Income Tax Department's e-Filing portal. If you haven't registered yet, you can do so by visiting the portal and following the registration process. Once registered, you will have a unique user ID and password to log in to the portal.
2. In the case of Part-C of Form 15CA, which pertains to the certification by a chartered accountant (CA), it is required that the CA has already filed Form 15CB. Form 15CB is a certificate issued by a chartered accountant after conducting a thorough examination of the transaction and verifying the tax liability associated with it. The CA plays a crucial role in ensuring the accuracy and compliance of the information provided in Form 15CA.
Understanding Form 15CB
Form 15CB is a certification form issued by a chartered accountant (CA) in India. It certifies the tax implications and ensures compliance with Indian income tax laws for any payment made to a non-resident or a foreign company. The purpose of Form 15CB is to provide necessary details regarding the nature of the payment and the applicable tax deductions or exemptions.
A chartered accountant plays a crucial role in the issuance of Form 15CB. They carefully analyze the transaction, verify the relevant tax provisions, and certify the details mentioned in the form. The CA ensures that the payment complies with the provisions of the Income Tax Act and the Double Taxation Avoidance Agreements (DTAA) between India and the recipient's country.
When Is Form 15CB Required?
Form 15CB is required when a payment is made to a non-resident or a foreign company, and the amount is subject to tax in India. It is essential to obtain Form 15CB before remitting the payment, as it serves as evidence of tax compliance. The requirement for Form 15CB depends on the nature and purpose of the payment, as specified by the Income Tax Department.
Steps For Obtaining Form 15CB
Engaging a Chartered Accountant
Providing Necessary Documents and Information
Review and Certification by the Chartered Accountant
The chartered accountant will thoroughly review the transaction and associated documents. They will analyze the provisions of the Income Tax Act and relevant DTAA, assess the tax liability, and provide the necessary certification in Form 15CB. The form will include details such as the nature of payment, tax liability, applicable tax rate, and other relevant information.
Importance Of Form 15CB In The Context Of Form 15CA
Form 15CB is closely linked to Form 15CA. While Form 15CB is issued by a chartered accountant, Form 15CA is filled and submitted by the remitter on the Income Tax Department's e-filing portal. Form 15CB provides the necessary certification required for filing Form 15CA. It ensures that the remitter has obtained a certified assessment of the tax implications associated with the payment to a non-resident or a foreign company. By obtaining Form 15CB, remitters can accurately report the payment details in Form 15CA and comply with the income tax regulations concerning international remittances.
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Frequently Asked Questions
Form 15CA is a declaration of foreign remittances made by individuals or entities in India, providing information about payments subject to tax deductions or remittances under specified categories. Form 15CB is a certification issued by a chartered accountant, verifying transaction details and tax liability associated with foreign remittances.
Individuals, businesses, or entities in India making payments to non-residents or foreign entities subject to tax deduction at source (TDS) or specific categories mentioned in the Income Tax Act, 1961, are required to file Form 15CA.
Form 15CA is applicable for various transactions, including payments for imports, interest, royalties, dividends, commissions, consultancy fees, capital gains, and more. The nature of the transaction determines whether Form 15CA is required.
Yes, there are specific cases where no submission of information is required for foreign remittances. These exempted categories are mentioned in Rule 37BB and include certain types of payments like investments, loans, travel expenses, and remittances for family maintenance, among others.
Form 15CA is divided into four sections:
- Part A: For remittances not exceeding 5 lakh rupees during the financial year, the remittance is taxable.
- Part B: For remittances exceeding 5 lakh rupees during the financial year, a certificate under sections 195(2)/195(3)/197 from the Assessing Officer is obtained.
- Part C: For remittances exceeding 5 lakh rupees during the financial year, a certificate in Form No. 15CB from a chartered accountant is required.
- Part D: For remittances not chargeable to tax.
Form 15CB is required when a payment is made to a non-resident or foreign company, and the amount is subject to tax in India. It is a certificate issued by a chartered accountant verifying tax implications and ensuring compliance with Indian income tax laws.
Form 15CB is closely linked to Form 15CA. Form 15CB is issued by a chartered accountant and provides the necessary certification required for filing Form 15CA. It ensures accurate reporting of payment details and compliance with income tax regulations for international remittances.
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