Form 15 CA is basically a declaration to be made by the remitter ,who is remitting money to foreign companies or Foreign Resident .
By this Government has devised a tool to track the remittance made abroad and to check whether a particular remittance is subject to tax in India or not .
As per Income Tax Rules all dealers/authorized banks need to ensure that declaration are duly filled and in case law requires a certificate from Accountant ,the same is being duly given by the remitter .
There has been substantial increase in foreign exchange remittance over the years .Section 195 was amended in 2008 to mandate rules for elctronic filing of the undertaking .
The format of undertaking(Form 15 CA) which is to be electonically filed and format of Certificate of Accountant (Form 15CB) has been notified vied Rule 37B of Income Tax Rule 1962 .
The revised procedure for furnishing information regarding remittances being
made to non-residents w.e.f. 1st April, 2016 is as follows:-
(i) There are 33 services as notified by the RBI for which declaration is required .Certificate from Chartered Accountant need to be taken in case remittance is in excess of Rs Five Lakhs and in taxable in nature .
(ii) Remittance which comes under Liberalized Remittance Scheme ,there is no requirement of Form 15 CA and Form 15 CB .
(iii) A remitter has to ensure that and be very clear about which part is applicable to him ,there are 4 parts enumerated below
(iv) User need to login with his registered Income Tax Login id
Go to E file ,Select Form 15 CA
Select the relevant Part .Fill the relevant information
(v) To give a Certificate (Form 15 CB ) a accountant need to login with his user id ,select a form other than ITR .
Fill Form in java utility .
Download the xml file .
Upload the xml file in efiling option and mention the Pan and attach the DSC .
Part A (for the remittance or aggregate of remittance does not exceeds five lakhs rupees during the financial year )
Part B (for the remittance or aggregate of remittance exceeds five lakhs rupees during the financial year and order certificate u/s 195(2)/195(3)/ 197 of Income-tax Act has been obtained from the Assessing Officer.)
Part C (for the remittance or aggregate of remittance exceeds five lakhs rupees during the financial year and and a certificate in Form No. 15 CB from an accountant as defined in the Explanation below sub-section (2) of section 288 has been obtained)
Part D (if the remittance is not chargeable to tax under the provision of the Income tax Act 1961 ,other than payment referred in Rule 37BB (3) by the eprson referred in Rule 37BB (2) )
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