• Breaking News

    Loading...

    Aug 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
    Tags-form 15ca,form 15ca download,form 15ca in excel,form 15ca new format,new form 15ca,form 15cb,form 15cb new format,new format of form 15cb,new form 15cb,new form 15cb form download,download form 15ca and 15cb,form 15ca and 15cb new format,new format of form 15ca and 15cb

    No comments:

    Post a Comment

    Featured