The income tax department has revised the rules relating to preparation & submission of Form 15CA and Form 15CB. The significant points 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.
Let see everything in detailed from basics ....
As per sub-rule (3) of Rule 37BB Any person responsible for paying to a non-resident (not being a company), or a foreign company, any sum chargeable to tax under Income tax Act, 1961, shall furnish such information in Form 15CA and Form 15CB.,
Part A of Form 15CA: In case the payment or the aggregate of such payments made during the financial year does not exceed Rs. 5 lakh rupees, such information is to be furnished in Part A of Form 15CA.
Part B of Form 15CA: In case the payment exceeds Rs. 5 lakh such information is required to be furnished in Part B of Form 15CA after obtaining a certificate from the Assessing Officer under section 197; or an order from the Assessing Officer under sub-section (2) or sub-section (3) of section 195.
Part C of Form 15CA: In case the payment exceeds Rs. 5 lakh such information is required to be furnished in Part C of Form 15CA after obtaining certificate in Form 15CB from a chartered accountant.
Part D of Form 15CA: In case the payment other than the payment referred in sub-rule (3) of Rule 37BB which is not chargeable to tax under the provisions of Income tax Act,1961, such information is required to be furnished in Part D of Form No. 15CA.
Note: List of payments specified in sub rule 3 of Rule 37BB.
Procedure for filing Form 15CA:
Form 15CA shall be furnished electronically online. Procedure for filing of Form 15CA at e-filing portal is given below-
Step 1 – Log on to " E-filing ' portal at https://incometaxindiaefiling.gov.in/ by assessee by using his credentials
Step 2 - Go to the " E-file" menu located at the upper side of the page and click on Income Tax Forms.
Step 3 - PAN of the assessee will be pre-filled. Select "Form 15CA" from drop down list in "Form Name" from drop down list.
Step 4 - Select relevant part from "Select relevant part from the down "
Step 5 - Fill Form 15CA of selected part and click on "submit" button.
Step 6- Fill up the verification part of relevant part of Form 15CA.
Note- It is mandatory to upload Form 15CB prior to filling Part C of Form 15CA. To fill up the details in Part C of Form 15CA, the acknowledgment number of e-Filed Form 15CB will be required.
If Form is submitted successfully, a message "successfully submitted" will appear on screen and a confirmation e-mail will be sent to the registered email account.
Procedure for filing Form 15CB:
To file Form 15CB, taxpayer is required to Add CA in his account. CA can be added by using the following steps:
• Firstly Login to e-Filing Portal, click on "My Account" tab and select "My CA" option.
• Enter the "Membership Number" of the CA, select 15CB from "Form Name" and click on "Submit" button.
Once CA has been entered by the taxpayer, afterwards CA can file Form 15CB in behalf of the taxpayer.
However, the C.A. must be registered as C.A. on his e-filing portal.
Process for Registration as Chartered Accountant is as follows:
• User can registered as "Chartered Accountant" in the e-filing portal. If not already registered, user is required to click on "Register Yourself" in the homepage.
• Select "Chartered Accountants" from "Tax Professional" and click on "Continue".
• Enter the mandatory details and complete the registration process.
Process of filing Form 15CB by Chartered Accountants is as follows:
• Go to http://incometaxindiaefiling.gov.in/ and click on "Downloads" tab.
• Select "Forms (Other than ITR)" and then download either Excel or Java Utility as per your own convenience.
• Prepare the XML file using the above utility.
• Login to e-Filing portal account and click on "e-File" tab and select "Upload Form" from the drop down menu.
• After selecting "Upload Form", enter PAN/TAN of the assessee, PAN of C.A., select "Form Name" as "15CB", select "Filing Type" as "Original". Click on submit once you have done and you will receive a success message and afterwards an email will be sent to your registered email ID.
Note: DSC is Mandatory to file Form 15CB.