On 17.12.2015 CBDT has
made some changes in Rule 37BB to reduce the compliance burden under Section
195 of the Income-tax Act regarding compliance and furnishing of information of
Foreign remittance whether taxable or not. The major changes under the amended
Rules are:
Ø An Individual is not required to furnish
information in Form 15CA and 15CB for remittance which requires no RBI approval.
Ø The list of payments of specified 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.
Ø A CA certificate in Form No. 15CB is not
required to be furnished if payments made to non-residents is not chargeable to
tax and the amount of payment during the year does not exceeds Rs. 5
lakh.
Ø The Information in 15CA and 15CB is required to be furnished
only in case of taxable Foreign Remittance.
Ø Such amendment will be effective from
01.04.2016.
