Amendment in Rule 37BB
prescribing new Forms 15CA & 15CB
Remittances not chargeable to tax –Not
to be reported under Form 15CA
Remittances covered in Specified List
are not required to be reported in Form 15CA & 15CB.
New forms 15CA & 15CB have been
prescribed in suppression of the earlier Forms.
Forms provide for two categories - Part
A and Part B of 15CA on which remittances are to be reported
Only taxable remittances (including
salary or interest) are required to be reported in Form 15CA
Form 15CA (Part A)-Report only those
Remittances which were earlier reported
Form 15CA (Part B)- Only Taxable remittances
are to be reported
List of Remittances removed from
Specified List and such payments are now required to be reported in Form 15CA
- Payment for life insurance premium , Other general insurance premium
- Payments on account of stevedoring, demurrage, port handling charges etc.
- Freight on imports - Airlines companies, Imports by diplomatic missions
- Booking of passages abroad - Shipping companies, Freight on exports & Imports - Shipping companies. Payments for surplus freight or passenger fare by foreign shipping companies operating in India.
- Payment towards imports-settlement of invoice, Advance payment against imports
Particulars
|
Old Form 15CA (Upto 30th
September, 2013)
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New (Valid on or after 1st
October, 2013)
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Single Remittance
< Rs. 50,000
AND
Aggregate Payment
during year < Rs. 2,50,000
|
To be reported in Part A and Part B of Form 15CA
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Not to be Reported at all
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If Remittance exceeds the threshold Limit
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To be reported in
Part A and Part B of Form 15CA
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To be reported in Part B of Form 15CA along with Form 15CB and
other prescribed documents, if any
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Person Responsible
to fill Form 15CA
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Person responsible for making remittance to NR or foreign company
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Person responsible for making remittance to NR or foreign company WHICH IS CHARGEABLE TO TAX IN INDIA
(INCLUDING INTEREST OR SALARY)
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Part
A of Form 15CA
|
||
Type of remittance
Form 15CA filled
|
For all Remittances made to NR or to a foreign company
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If sum remitted to NR or to foreign company EXCEEDS the threshold limit mentioned above
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Type of Information
to be filled
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1)Particulars of Remitter, Remittee & Accountant
2) Principal Place of business of remitter & remittee to be
specified
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1) Particulars of Remitter, Remittee & Amount of remittance made
& TDS deducted thereon
2) PAN of remitter, if available
3) E-mail & phone no. of remittee shall be furnished
4) Mandatory application of provisions of Section 206AA, if
remittance is chargeable to tax and PAN of remittee is not available
|
Conditions
to be satisfied
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The information shall be furnished after obtaining certificate
under Form 15CB
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Form 15CB isn't required to be obtained to furnish information
in this part
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Part B of Form 15CA
|
||
Who shall have to
fill it?
|
All remittances other than those specified in filing Form 15CA
|
To be filled if sum
remitted to NR or foreign company, is chargeable to tax (including interest
or salary) and:
(a)
exceeds Rs 50,000 per transaction
OR
(b)
aggregate of such payments during the financial
year exceeds Rs. 2,50,000
|
Who is not required
to fill it?
|
All remitters filing Part A of Form 15CA have to fill Part B
|
Ø
If remittance is not taxable
Ø
If remittance (including interest or salary) is chargeable to
tax and is covered by part A of Form 15CA; or
Ø
Remittance is covered by specified list (given in Explanation to
amended Rule 37BB)
|
Conditions to be
fulfilled
|
Information shall be furnished after obtaining certificate under Form 15CB
|
To be filled up
after obtaining:
·
Certificate in Form No. 15CB; or
·
Certificate from AO for deduction at lower rate or for
proportionate deductions; or
·
Order from AO for Nil deduction of tax.
|
Type of Information
to be filled in
|
Particulars of remittance and TDS. This information is now
sought in Part C of Form 15CA as amended on August 05, 2013 and in Part B of
Form 15CA applicable from October 1, 2013
|
·
Details of Remitter, Remittee and Remittance
·
Information regarding the country of residence of remittee if
available
·
Appropriate Certificate is required to be furnished including
Form 15CB
·
Mandatory application of Section 206AA, if remittance chargeable
to tax and PAN not available
·
Other particulars as specified in Part C of old Form 15CA
·
No information to be furnished if Remittance covered by
Specified List & not to be reported in Form 15CA
|
Part C of Form 15CA
|
||
Who shall have to
fill it?
|
Not Applicable
|
Not Applicable
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What information is
to be filled in?
|
Not Applicable
|
All the particulars
specified in Part C of Form 15CA are included in part B of new Form 15CA,
with an exception that no information shall be required to be furnished if
the remittance which isn't chargeable to tax.
|
Conditions to be Specified
|
Not Applicable
|
Not applicable
(same was provided for in Part B of Form 15CA)
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