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.
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Who shall have to fill it?
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To be filled up for all remittances made to NR or to a foreign
company
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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.
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What information has to be filled in?
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-1
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Particulars of
remitter, remittee and accountant to be specified;
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-1
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Particulars of
remitter, remittee, remittance made and TDS;
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-2
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Principal place
of business of remitter and remittee to be specified.
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-2
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Mandatory to
furnish PAN of remitter, if tax is deducted;
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-3
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Forms prescribe
mandatory application of provisions of Section 206AA, if remittance is
chargeable to tax and PAN of remittee is not available;
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-4
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E-mail and Phone
Number of remittee shall be furnished, if available
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Part B of form 15CA
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Who shall have to fill it?
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All remitters filling form 15CA
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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.
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What information has to be filled in?
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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.
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-1
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Details of
remitter, remittee and remittance.
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-2
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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.
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-3
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Form 15CB isn't
required to be furnished if remittance is covered in this part.
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Part C of Form 15CA
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Who shall have to fill it?
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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)
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To be filled up for remittances other than those specified in
Part A and Part B
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What information has to be filled in?
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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)
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-1
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Forms prescribe
mandatory application of provisions of Section 206AA, if PAN of remittee is
not available;
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-2
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Other details
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Section A:
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Details of
remitter, remittee and accountant to be specified in this section
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Section B:
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Particulars of
remittance and TDS (as per certificate of accountant), namely:
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(a)
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Taxability under
the Income-tax Act
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(b)
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Taxability under
the relevant DTAA
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(c)
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Details of TRC
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(d)
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Bifurcation of
capital gains, if any, into short-term, long-term capital gains and the basis
of arriving at taxable income.
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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.
Tags-new format of form 15ca,new format of form 15cb,form 15ca and 15cb,new forms 15ca and 15cb
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