Who is required to file Form 15CA?
As per Rule 37BB, any person responsible for paying to a non-resident, not being a company, or to a foreign company, any sum chargeable to tax under the provisions of Income tax Act, 1961, shall furnish such information in Form 15CA and Form 15CB. However, for all foreign remittances, banks have a mandate to provide for such information. Therefore, it is prudent to have such documentation in place for all foreign remittances.
Form 15CA prescribes the information to be furnished by the payer and Form 15CB prescribes the format of certificate to be obtained by the Chartered Accountant by the payer. Therefore, a person paying Non-Resident or a foreign company has to submit Form 15CA. Form 15CB is a certificate by the Chartered Accountant to the remitter of foreign exchange, specifying whether the transaction of foreign remittance attracts deduction of TDS and whether the remitter has deducted the TDS accordingly.
The furnishing of information in Form 15CA is classified into 4 parts namely
When Form 15CA is not required to be furnished?
In accordance with sub-rule (3) of Rule 37BB, Form 15CA and Form 15CB are not required to be furnished in case of the following transactions:
|Sl. No.||Purpose code as per RBI||Nature of Payment|
|1||S0001||Indian investment abroad - in equity capital (shares)|
|2||S0002||Indian investment abroad - in debt securities|
|2||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|
|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.)|
|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.|
Our Team assists in the issue of Form 15CA and Issues Form 15CB certificates to our clients. We also provide the advisory on Taxability and assist in the repatriation of funds.