Income tax Return

  Form 15CA and 15CB ‍     Income Tax compliance in India is a cumbersome procedure involving computation of tax liability and filing of prescribed forms.   One such form which is required at the time of remittance of money outside India is filing of Form 15CA and 15CB .   Although normal tax assessee’s might not have heard about Form 15CA and 15CB, however, any person making remittances outside India are quite conversant about these forms.   This article will help you understand what these forms are, and when these forms are required to be filed.   At the time of remittance of money outside India, the authorized bank asks for filing of these two forms besides other documents from the taxpayer in order to ensure smooth transfer of money outside India.   What is Form 15CA?   Form 15CA is a declaration form used to declare that proper taxes has been deducted from the foreign remittance made by the person resp...

  FORM 15CA AND 15CB Both FEMA regulations as well as Income Tax Act has prescribed rules to regulate any payments made overseas by any Resident. This is done in order to avoid money laundering and to ensure proper financial discipline relating to overseas payment.   At the time of remittance outside India by any Residents, besides other documents, bankers usually ask for the copies of form 15CA and 15CB .   Now, a question arises what exactly is form 15CA and 15CB ?   Well the purpose of filing both the form 15CA and 15CB is to ensure that the taxes are collected before remittance of money outside India. Now, both the forms may be filed electronically which helps in monitoring as well as checking the effectiveness of remittances.   WHAT IS FORM 15CA?   In such form, the remitter of money makes a declaration that He has deducted the relevant taxes before remitting money to the Non Resident.   WHAT IS FORM 15CB?   I...

Form 15CA and 15CB   Every Year, millions of international remittances are done by the Indians all over the world. In this write up, we would be discussing about remittance of money under Liberalized remittance Scheme (LRS) and filing of form 15CA and 15CB .   Under the LRS, all the individuals who are residents including the minors are allowed to make remittance outside India freely upto USD 2.5 lac in a financial year subject to fulfillment of certain prescribed conditions and filing of necessary forms with the AD bankers including filing of Form 15CA and 15CB.   This LRS scheme was originally introduced in the year 2004 and initial limit of remittance was only USD 25,000 which has kept on increasing year after year and now, the limit per financial year is USD 2.5 lac.   This scheme is not available for remittance made by Companies, Partnership firms, HUF, Trusts etc. Even minor can make remittance under this scheme, however, in such cases, declar...

  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.   In this write-up, we have provided 10 things which everybody should know about such form 15CA and 15CB:   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 i...