Form 15CA & Form15CB May Not be required to Remit Money abroad

Form 15CA and Form 15CB rules changed effective April 1, 2016 and in some cases the requirement to furnish these forms has been eliminated or made easier. Earlier these forms were compulsory when remitting funds out of India, now under new rules the forms have been simplified and also the requirement for submission of these forms in some circumstances has been eliminated. To  see a copy of the Government press release on this topic Click HERE

Rules applicable to submission of Form 15CA/CB

Indian Income tax department rules for preparation & submission of Form 15CA and Form 15CB from April 1, 2016 for: Making a payment to a NRI or Foreigner Where an NRI remitting money outside India or Transferring from NRO to NRE account. Form 15CA has been revised and now has 4 parts (Part A, Part B, Part C and Part D) see below as to which parts are used under specific circumstances When making a payment to a NRI or foreign company, as per rules of the income tax department the following details must be provided: Amount for submission Rupees 5 lakh or less When the payment that is taxable in India, where the total amount of such payments during the year is Rupees 5 lakh or less, the information in Part A of Form 15CA must be provided. Amount for submission more than Rupees 5 lakh A certificate from Assessing Officer under Section 197 An order from Assessing Officer under section 195(2) or 195(3) Part B of Form 15CA has to be provided Certificate in Form 15CB from an accountant Part C of Form 15CA Note: The CA certificate in Form 15CB where required must be submitted electronically In case where amount is not taxable under the current Indian tax act Part D of Form 15CA Form 15CA and 15CB will NOT be required for Any payments included in the specified list. The nature of payment in specified list has been expanded from 28 to 33 including payments for imports, family maintenance and savings. Any payment by an individual for remittance which do not requiring RBI approval under its Liberalized Remittance Scheme [LRS] For more information on the new rules announced by the Government of India regarding submission of Form 15CA & CB see the Govt Notification by Clicking HERE
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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Summary - Form 15CA & 15CB

Form 15CA and 15CB will be NOT be required to be furnished by an individual for remittance which do not requiring RBI approval List of payments of specified nature mentioned in Rule 37 BB which do not require submission of Forms 15CA and 15CB has been expanded from 28 to 33 including payments for imports. Form No. 15CB required only where payments are made to non-residents which are taxable and the payment amount exceeds Rs. 5 lakh.

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Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
next next previous previous

Form 15CA & Form15CB May

Not be required to Remit

Money abroad

Form 15CA and Form 15CB rules changed effective April 1, 2016 and in some cases the requirement to furnish these forms has been eliminated or made easier. Earlier these forms were compulsory when remitting funds out of India, now under new rules the forms have been simplified and also the requirement for submission of these forms in some circumstances has been eliminated. To  see a copy of the Government press release on this topic Click HERE

Rules applicable to submission of Form

15CA/CB

Indian Income tax department rules for preparation & submission of Form 15CA and Form 15CB from April 1, 2016 for: Making a payment to a NRI or Foreigner Where an NRI remitting money outside India or Transferring from NRO to NRE account. Form 15CA has been revised and now has 4 parts (Part A, Part B, Part C and Part D) see below as to which parts are used under specific circumstances When making a payment to a NRI or foreign company, as per rules of the income tax department the following details must be provided: Amount for submission Rupees 5 lakh or less When the payment that is taxable in India, where the total amount of such payments during the year is Rupees 5 lakh or less, the information in Part A of Form 15CA must be provided. Amount for submission more than Rupees 5 lakh A certificate from Assessing Officer under Section 197 An order from Assessing Officer under section 195(2) or 195(3) Part B of Form 15CA has to be provided Certificate in Form 15CB from an accountant Part C of Form 15CA Note: The CA certificate in Form 15CB where required must be submitted electronically In case where amount is not taxable under the current Indian tax act Part D of Form 15CA Form 15CA and 15CB will NOT be required for Any payments included in the specified list. The nature of payment in specified list has been expanded from 28 to 33 including payments for imports, family maintenance and savings. Any payment by an individual for remittance which do not requiring RBI approval under its Liberalized Remittance Scheme [LRS] For more information on the new rules announced by the Government of India regarding submission of Form 15CA & CB see the Govt Notification by Clicking HERE
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Summary - Form 15CA & 15CB

Form 15CA and 15CB will be NOT be required to be furnished by an individual for remittance which do not requiring RBI approval List of payments of specified nature mentioned in Rule 37 BB which do not require submission of Forms 15CA and 15CB has been expanded from 28 to 33 including payments for imports. Form No. 15CB required only where payments are made to non-residents which are taxable and the payment amount exceeds Rs. 5 lakh.
A Book for NRIs PIO & OCI Information at your fingertips!
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Free delivery with Amazon Prime
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