10 THINGS TO KNOW ABOUT FORM 15CA AND 15CB
FORM 15CA AND 15CB
At
the time of remittance of money or payment of money by a Resident to Non
Resident or to a foreign company, banker requires copies of form 15CA and 15CB besides other documents, for making such remittance
in a hassle free manner.
1)
Form
15CA is
a declaration which remitter of money makes declaring that TDS has been
deducted at the time of payment made to Non Resident or to a foreign company. Form 15CB is a certificate issued by the practicing chartered
accountant.
2)
Purpose
of form 15CA is that it must be ensured that before remittance of money abroad,
proper TDS has been deducted on such amount and deposited with the revenue
authorities. The purpose of form 15CB is to ensure that the provisions of
domestic tax laws and international treaty has been taken into consideration
while computing withholding tax before remittance of money out of India.
3)
Form
15CA and 15CB is not required in all the cases of payments outside India. There
are approx. 33 types of payments where form 15CA and 15CB are not required.
4)
Once
forms are filed, it can only be revoked or withdrawn, it cannot be revised.
5)
If
only Form 15CB has been filed, it cannot be withdrawn independently. However,
form 15CA can be withdrawn within a period of 7 days of filing.
6)
Normally,
form 15CA is filed after form 15CB has been uploaded and acknowledgement number
of form 15CB is mentioned while uploading form 15CA. In such a case, once form
15CA is withdrawn, form 15CB would also be withdrawn automatically.
7)
In
case of non-filing/uploading of form
15CA and 15CB or wrong filing of
such forms, penalty of upto Rs 1 lac may be liable to be paid by the assessee.
8)
Pre-requisite
of filing form 15CA is that the assessee should have created a login on the tax
portal, should have valid PAN/TAN and form 15CB should already have been
uploaded by the CA.Pre-requisite of filing form 15CB is that chartered
accountant should have been registered on tax portal, He should be having
active PAN, He should have a valid digital signature.
9)
Details
which are required for filling form 15CA are as under:
a)
Details
of remitter like Name, address, PAN, TAN, email id, phone no., status of
entity, place of business.
b)
Details
of remittee like Name, address, PAN, TAN, email id, phone no., status of
entity, place of business.
c)
Details
of person signing the form, his name, designation, father name etc
d)
Digital
signature of remitter signing the form
10) Details which
are required for filling form 15CB are as under:
a.
Details
of remitter like name, address, PAN
b.
Details
of remittee like name, address, country where money is to be remitted
c.
Details
of bank like name and branch, currency, amount in foreign currency and Indian
rupees, BSR code of bank etc
d.
Details
of TDS like rate of TDS, amount of TDS in Indian rupees and foreign currency,
date of deduction of TDS etc
e.
Digital
signature of professional who is signing form 15CB
All the aforesaid points regarding
filing of form 15CA and 15CB are very important to be considered by the remitter
which will ensure the remittance of money in hassle free manner.
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