Form 15CA - The forms can be found on the Income Tax e-filing website.
Form 15CB- The “Add CA” requisite has to be completed first in case of taxable income from foreign remittances exceeds 5 lakhs.
The furnishing of information for payment to Non-Residents not being a Company, or to a Foreign Company in Form 15CA has been classified into 4 parts. Depending upon the case, you will need to fill the relevant part.
As per Rule 37BB, any person responsible for paying to a Non-Resident, not being a Company, or to a Foreign Company shall furnish such information in Form 15CA.
No, it is not mandatory to submit Form 15CB. Form 15CB is an event-based form to be filled only when the remittance amount exceeds 5 lakh during a financial year and you are required to furnish a certificate from an accountant defined as per Section 288.
No, there is no option to withdraw Form 15CA. This option is exercisable only within 7 days of the submission of the form before payment.
In accordance with sub-rule (3) of Rule 37BB, information in Form 15CA is not required to be furnished in case of following transactions:
This form can be e-Verified using DSC or EVC. You need to e-Verify using DSC if DSC is registered. Refer to the How to e-Verify user manual to understand the step-by-step process for e-Verification.
This form can be filed in both online and offline modes. The Offline Utility service enables you to file Form 15CA in the offline mode. No time limit is prescribed for filing this form. However, it should be filed before the remittance is made.
If an assessee who is required to file Form 15CA 15CB fails to furnish the same before making remittance to a non resident, then he has shall be liable to penalty provisions under section 271I of the Income Tax Act, 1961. Such penal provision shall be attracted even if the person furnished inaccurate information. The amount of penalty which the assessing officer may ask the assessee to pay for Non compliance is 1 lakhs.
As per RBI Instructions, foreign payments cannot be processed without 15CA 15CB.
With effect from 1 April 2016, changes are brought in by Finance ministry to exempt 15CA for non taxable services.
Documents Required for 15CA and 15CB
A person making the remittance (a payment) to a Non Resident or a Foreign Company has to submit the form 15CA to the bank and a Certificate from Chartered Accountant in form 15CB is required after uploading the form 15CA online in some cases where TDS is required to be deducted.