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    Dec 17, 2015

    Income tax amedment in rule 37BB and new forms 15CA, 15CB and 15CC

    CBDT has made a 21st amendment with notification no. 93/2015 dated 16 December 2015 making changes in rule 37BB and notified new forms 15CA, 15CB and 15CC.

    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 (21st Amendment) Rules, 2015.
    (2) They shall come into force on the 1 st day of April, 2016.

    2. In the Income-tax Rules, 1962 (hereafter referred to as the said rules), for rule 37BB, the following rule shall be substituted, namely:-

    37BB. Furnishing of information for payment to a non-resident, not being a company, or to a foreign company.— (1) The person responsible for paying to a non-resident, not being a company, or to a foreign company, any sum chargeable under the provisions of the Act, shall furnish the following, namely:-

    (i) the information in Part A of Form No.15CA, if the amount of payment or the aggregate of such payments, as the case may be, made during the financial year does not exceed five lakh rupees;

    (ii) for payments other than the payments referred in clause (i), the information,—

    (a) in Part B of Form No.15CA after obtaining,—

    (I) a certificate from the Assessing Officer under section 197; or

    (II) an order from the Assessing Officer under sub-section (2) or sub-section

    (3) of section 195;

    (b) in Part C of Form No.15CA after obtaining a certificate in Form No. 15CB from an accountant as defined in the Explanation below sub-section (2) of section 288.

    (2) The person responsible for paying to a non-resident, not being a company, or to a foreign
    company, any sum which is not chargeable under the provisions of the Act, shall furnish the
     information in Part D of Form No.15CA.

    (3) Notwithstanding anything contained in sub-rule (2), no information is required to be furnished for any sum which is not chargeable under the provisions of the Act, if,—

    (i) the remittance is made by an individual and it does not require prior approval of Reserve Bank of India as per the provisions of section 5 of the Foreign Exchange Management Act, 1999 (42 of 1999) read with Schedule III to the Foreign Exchange (Current Account Transaction) Rules, 2000; or

    (ii) the remittance is of the nature specified in column (3) of the specified list below:
    SI No.
    Purpose code as per RBI
    Nature of payment
    1
    S001
    Indian investment abroad-in equity capital (shares)
    2
    S002
    Indian investment abroad-in debt securities
    3
    S003
    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
    S0104
    Intermediary trade
    11
    S0190
    Imports below Rs.5,00,000-(For use by ECD offices)
    12
    S0202
    Payment for operating expenses of Indian shipping companies operating abroad.
    13
    S0208
    Operating expenses of Indian Airlines companies operating abroad
    14
    S0212
    Booking of passages abroad - Airlines companies
    15
    S0301
    Remittance towards business travel
    16
    S0302
    Travel under basic travel quota (BTQ)
    17
    S0303
    Travel for pilgrimage
    18
    S0304
    Travel for medical treatment
    19
    S0305
    Travel for education (including fees, hostel expenses etc.)
    20
    S0401
    Postal services
    21
    S0501
    Construction of projects abroad by Indian companies including import of goods at project site
    22
    S0602
    Freight insurance - relating to import and export of goods
    23
    S1011
    Payments for maintenance of offices abroad
    24
    S1201
    Maintenance of Indian embassies abroad
    25
    S1202
    Remittances by foreign embassies in India
    26
    S1301
    Remittance by non-residents towards family maintenance and savings
    27
    S1302
    Remittance towards personal gifts and donations
    28
    S1303
    Remittance towards donations to religious and charitable institutions abroad
    29
    S1304
    Remittance towards grants and donations to other Governments and charitable institutions established by the Governments
    30
    S1305
    Contributions or donations by the Government to international institutions
    31
    S1306
    Remittance towards payment or refund of taxes
    32
    S1501
    Refunds or rebates or reduction in invoice value on account of exports
    33
    S1503
    Payments by residents for international bidding.
    (4) The information in Form No. 15CA shall be furnished,—
    (i) electronically under digital signature in accordance with the procedures, formats and standards specified by the Principal Director General of Income-tax (Systems) under sub-rule (8) and thereafter printout of the said form shall be submitted to the authorised dealer, prior to remitting the payment; or

    (ii) electronically in accordance with the procedures, formats and standards specified by the Principal Director General of Income-tax (Systems) under sub-rule (8) and thereafter signed printout of the said form shall be submitted to the authorised dealer, prior to remitting the payment.

    (5) An income-tax authority may require the authorised dealer to furnish the signed printout of
    Form No.15CA referred to in clause (ii) of sub-rule (4) for the purposes of any proceedings
    under the Act.

    (6) The certificate in Form No. 15CB shall be furnished and verified electronically in accordance with the procedures, formats and standards specified by the Principal DirectorGeneral of Income-tax (Systems) under sub-rule (8).

    (7) The authorised dealer shall furnish a quarterly statement for each quarter of the financial year in Form No.15CC to the Principal Director General of Income-tax (Systems) or the person authorised by the Principal Director General of Income-tax (Systems) electronically under digital signature within fifteen days from the end of the quarter of the financial year to which such statement relates in accordance with the procedures, formats and standards specified by the Principal Director General of Income-tax (Systems) under sub-rule (8).

    (8) The Principal Director General of Income-tax (Systems) shall specify the procedures, formats
    and standards for the purposes of furnishing and verification of Form 15CA, Form 15CB and
    Form 15CC and shall be responsible for the day-to-day administration in relation to the
    furnishing and verification of information, certificate and quarterly statement in accordance with
    the provisions of sub-rules (4), (6) and (7).

    Explanation.— For the purposes of this rule ‘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).”.

    3. In the said rules, in Appendix-II, for Form No.15CA and Form No. 15CB, the following
    Forms shall be substituted, namely:-
    Download New Form 15CA
    Download New Form 15CB
    Download New Form 15CC

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