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Thursday, August 8, 2013

New forms 15CA and 15CB with new rules and format

CBDT has prescribed new Forms 15CA and 15CB. A few additional details shall have to be furnished in these new forms. The extent of compliances and reporting has been reduced for the remittances upto a certain limit and for those remittances which are not chargeable to tax. Certificate from accountant under Form 15CB isn't required to be furnished if remittance isn't chargeable to tax and covered in the specified list. The new forms provide application of Section 206AA if remittance is chargeable to tax and PAN of the remittee is not available. Details about the Tax Residency Certificate of the remittee shall be furnished in the form if DTAA benefits are claimed.


In exercise of the powers conferred by sub-section (6) of section 195 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. (1) These rules may be called the Income-tax (12th Amendment) Rules, 2013.
(2) They shall come into force on the 1st day of October, 2013.
2. In the Income-tax Rules, 1962 (hereafter referred to as the said rules), for rule 37BB, the following rule shall be substituted, namely:—

"37BBFurnishing of information by the person responsible for making payment to a non-resident, not being a company, or to a foreign company—(1) The person responsible for making any payment to a non-resident, not being a company, or to a foreign company shall furnish the following, namely:—
(i)the information in Part A of Form No.15CA, if the amount of payment does not exceed fifty thousand rupees and the aggregate of such payments made during the financial year does not exceed two lakh fifty thousand rupees;
(ii)the information in Part B of Form No.15CA , if the payment is not chargeable to tax and is of the nature specified in column (3) of the specified list ;
(iii)the information in Part C of Form No.15CA for payments other than the payments referred in clause (i) and clause (ii) after obtaining—
(a)a certificate in Form No. 15CB from an accountant as defined in the Explanation below sub-section (2) of section 288; or
(b)a certificate from the Assessing Officer under section 197; or
(c)an order from the Assessing Officer under sub-section (2) or sub-section (3) of section 195.
(2) The information in Form No. 15CA shall be furnished by the person electronically to the website designated by the Income-tax Department and thereafter signed printout of the said form shall be submitted to the authorised dealer, prior to remitting the payment.
(3) An income-tax authority may require the authorised dealer to furnish the signed printout referred to in sub-rule (2) for the purposes of any proceedings under the Act.
(4) The Director General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture, transmission of data and shall also be responsible for the day-to-day administration in relation to furnishing the information in the manner specified.
Explanation. - For the purposes of this rule,—
(a)'authorised dealer' means a person authorised as an authorised dealer under sub-section (1) of section 10 of the Foreign Exchange Management Act, 1999 (42 of 1999);
(b)the specified list refers to the payments of the nature as indicated below:

Sl.No.
Purpose code as per RBI
Nature of payment

-2
-3
1
S0001
Indian investment abroad -in equity capital (shares)
2
S0002
Indian investment abroad -in debt securities
3
S0003
Indian investment abroad -in branches and wholly owned subsidiaries
4
S0004
Indian investment abroad -in subsidiaries and associates
5
S0005
Indian investment abroad -in real estate
6
S0011
Loans extended to Non-Residents
7
S0101
Advance payment against imports
8
S0102
Payment towards imports-settlement of invoice
9
S0103
Imports by diplomatic missions
10
S0201
Payments for surplus freight or passenger fare by foreign shipping companies operating in India.
11
S0202
Payment for operating expenses of Indian shipping companies operating abroad.
12
S0203
Freight on imports - Shipping companies
13
S0204
Freight on exports - Shipping companies
14
S0206
Booking of passages abroad - Shipping companies
15
S0208
Operating expenses of Indian Airlines companies operating abroad
16
S0209
Freight on imports - Airlines companies
17
S0212
Booking of passages abroad - Airlines companies
18
S0213
Payments on account of stevedoring, demurrage, port handling charges etc.
19
S0301
Remittance towards business travel.
20
S0302
Travel under basic travel quota (BTQ)
21
S0303
Travel for pilgrimage
22
S0304
Travel for medical treatment
23
S0305
Travel for education (including fees, hostel expenses etc.)
24
S0401
Postal services
25
S0501
Construction of projects abroad by Indian companies including import of goods at project site
26
S0601
Payments for life insurance premium
27
S0602
Freight insurance - relating to import and export of goods
28
S0603
Other general insurance premium
29
S1011
Payments for maintenance of offices abroad
30
S1201
Maintenance of Indian embassies abroad
31
S1202
Remittances by foreign embassies in India
32
S1301
Remittance by non-residents towards family maintenance and savings
33
S1302
Remittance towards personal gifts and donations
34
S1303
Remittance towards donations to religious and charitable institutions abroad
35
S1304
Remittance towards grants and donations to other governments and charitable institutions established by the governments.
36
S1305
Contributions or donations by the Government to international institutions
37
S1306
Remittance towards payment or refund of taxes.
38
S1501
Refunds or rebates or reduction in invoice value on account of exports
39
S1503
Payments by residents for international bidding".
Download Form 15CA
Download Form 15CB
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