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Kind 15 CA & Form 15 CB
What is type 15 CA?
Area 195 of the Income tax Act, 1961 mandates reduction of earnings tax from payments made or to be made however credited the party already, to none citizens at the rates in force.
when you are trying to pay cash throughout international limits it might become more complicated to collect the amount of earnings tax on that payment from the celebration to whom payment is being made. In order to avoid this difficulty sec 195 has actually been in force, which talks about reduction of tax while making payments to a non resident specific PR non resident business what ever it could be.
What is form 15 CB?
The individual making the payment needs to acquire a certificate from a Chartered Accounting Professional in Type 15 CB. The format of Type 15 CB has actually been recommended by Central Board of Direct Taxes
The individual making the payment to a nonresident requirements to furnish a Type 15 CA followed by a Chartered Accountants Certificate in Form 15 CB.
According To RBI:
Except in cases of particular personal remittances which have been particularly exempted, no payment should be made to a nonresident without providing an undertaking in Type 15 CA accompany by Type 15 CB
How to furnish kind 15 CA?
Form 15 CA has to be filled electronically in the website of income at ax Department.
Prior to providing kind 15 CA The Individual making the Payment shall obtain a certificate from an accountant( Preferably a CA) in Form 15 CB, Where he/she certifies details of the payment, TDS rate and TDS deduction as per section 195 of the Earnings Tax Act, if any DTAA (Double Tax Avoidance Agreement) is applicable, and other information like nature and purpose of the remittance.
The payer shall electronically publish the endeavor including the remittance details to the department in form 15 CA on the website of http://www.tin-nsdl.com
The print out of the Type 15 CA which is supplied online needs to be signed by authorized signatory and sent to the bank prior to remitting the payment together with certificate of a Chartered Accounting professional in replicate in Type 15 CB.
Following are the obligatory requirements to estimate while providing this type:
1) PAN
2) TAN
3) No field is to be filled out Location code, AO type, Variety code & AO number. The fields will be gone into by the system after validating the PAN and/or TAN.
4) In case an invalid PAN and or TAN is completed by the remitter, the Form will not be generated.
Points to be known:
1) when remittance is towards the list of 28 items mentioned in Rule 37 BB then s Kind 15 CA and certificate from CA in Form 15 CB are not required.
2) If the remittance does not go beyond Rs 50,000(single transaction) and Rs 2,50,000(overall in a fiscal year) then Only Form 15 CA is has to be sent in this case. No need to get form 15 CB.
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