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Friday, August 9, 2013

Change in the new format of forms 15CA and 15CB

Income tax department issued new format and rules for the forms 15CA and 15CB. These new forms have a lot of difference with the old format. These are the changes made in the new format of forms 15CA and 15CB.

 
Who shall have to fill it?
To be filled up for all remittances made to NR or to a foreign company
To be filled up if the remittances to NR or foreign company do not exceed Rs. 50,000 per transaction and the aggregate of such payments during the financial year doesn't exceed Rs. 2,50,000.
What information has to be filled in?
-1

Particulars of remitter, remittee and accountant to be specified;
-1

Particulars of remitter, remittee, remittance made and TDS;
-2

Principal place of business of remitter and remittee to be specified.
-2

Mandatory to furnish PAN of remitter, if tax is deducted;

-3

Forms prescribe mandatory application of provisions of Section 206AA, if remittance is chargeable to tax and PAN of remittee is not available;

-4

E-mail and Phone Number of remittee shall be furnished, if available
Part B of form 15CA
Who shall have to fill it?
All remitters filling form 15CA
To be filled up if the remittance is covered by specified list (given inExplanation to Rule 37BB) and the amount paid to the non-resident or foreign company is claimed not chargeable to tax.
What information has to be filled in?
Particulars of remittance and TDS. Certain other details such as applicable DTAA, existence of PE, etc (As available in from 15CB). This information is now sought for in Part C of New Form 15CA.
-1

Details of remitter, remittee and remittance.
-2

In addition, nature of remittance, relevant code of specified list (given in Explanation to Rule 37BB) under which remittance is covered and information to be provided regarding the country of residence of the remittee, if available.
-3

Form 15CB isn't required to be furnished if remittance is covered in this part.
Part C of Form 15CA
Who shall have to fill it?
Not applicable (However, the information sought in Part C of new Form 15CA was used to be provided in Part B of old Form 15CA to some extent)
To be filled up for remittances other than those specified in Part A and Part B
What information has to be filled in?
Not applicable (However, the information sought in Part C of new Form 15CA was used to be provided in Part B of old Form 15CA to some extent)
-1

Forms prescribe mandatory application of provisions of Section 206AA, if PAN of remittee is not available;
-2

Other details


Section A:


Details of remitter, remittee and accountant to be specified in this section


Section B:


Particulars of remittance and TDS (as per certificate of accountant), namely:
(a)

Taxability under the Income-tax Act
(b)

Taxability under the relevant DTAA
(c)

Details of TRC
(d)

Bifurcation of capital gains, if any, into short-term, long-term capital gains and the basis of arriving at taxable income.





II. New Form 15CB

Additional details to be provided in new Form 15CB

(a) Taxability under the Income-tax Act without considering the relief of the DTAA
(b) If income is chargeable to tax in India and relief is claimed under the DTAA, whether TRC has been obtained from the recipient?
(c) If remittance is on account of capital gains details of amount of short-term, long-term capital gains and the basis of arriving at the taxable income.
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