15 CA CB certificate are needed to be submitted with banking authorities while doing certain foreign remittances / sending money outside India. It could be on various occasions such as when you are sending money outside for family or you are sending it for import of goods or services or may be your NRO to NRE transfer. The objective of form 15 ca/cb is to ensure that all money remitted are legally earned and tax paid money, and these are such are transactions which are permissible by the Government to be sent outside India. The terrorism, illegal activities, tax theft are top reasons why every country keeps a tab on what comes and what goes out of their Country. Form 15 ca cb certificate online is possible as it doesn’t need any physical presence. All documents and information must be complete in order to process 15 ca cb certificate.
Form 15CA is an official declaration which is filled by the remitter and this is used for collecting data by the authority in respect of payments made which might be chargeable to income tax in India.
How to file type 15CA?
1. Login to your income tax e-filing platform
2. Go to File income Tax Form
3. Choose form 15CA from the list
4. Fill-up form 15CA and select the part carefully
5. Submit and e-verify your form 15CA online
6. Before all these you must add CA from your dashboard
NOTE:
- Keep your bank IFSC, BSR CODE, address ready
- Make sure you ask CA which part to fill or ask your CA to fill on your behalf
- Acknowledgment can be downloaded after you submit and e-verify
Another is FORM 15CB certificate:
Chartered accountant after reviewing your transaction such as its taxability confirms the Form 15 CB online. Form 15CB mandatorily needs a Chartered Accountant to verify details and certify Form 15 CB online. You’ll be able easily find online A Services to help you complete the form 15 CB certificate. For fast and super easy method to file Form 15 ca cb online you can simply reach out to info@taxvic.com
FREQUENTLY ASKED QUESTIONS
Q What is the requirement of form 15CA and 15CB ?
If you make payment outside India to any non resident or to a Foreign company in that case you need form 15 CA and 15CB. Certain cases needs only Form 15 CB and some needs Form 15CB along with Form 15CA. Form 15CB is a certificate which only a Chartered Accountant can provide- it intends to cross check nature of transaction, whether the transaction is liable to tax and if any Double Taxation avoidance agreement is applicable. Expert CA Reetu
Form 15CA is classified into 4 parts
PART A: Where the remittance or the combination of such remittances is not more than 5 lacs rupees in the F.Y. (whether or not taxable).
PART B: Where an order of Income Tax Act has been received from the Assessing office of the income tax (Whether Nil price or Lower price Certificate).
PART C: Where the remittance or the combination of such remittance exceeds 5 lacs rupees in the FY.
PART D: Where the remittance isn’t chargeable to tax under any Domestic law.
Q What is the purpose of 15CA and 15CB?
In short the purpose of Form 15 CA CB is to make sure that the money is a tax paid money if taxes are applicable on it, if tax is to be deducted than it is correctly deducted and paid to the government. To cross check all of these Form 15 CA Cb serves the purpose. Form 15CA is a Declaration from Remitter and is used as a means of information collection in terms of payments that are chargeable to tax in the hands of recipient non-resident. Authorised Dealers and Banks are always extra vigilant to ensure that Form 15ca/cb are acquired from the person who sends money outside India.
The Form 15CB needs approval from the Chartered Accountant. The prpose of Form 15CB is that income tax laws and DTAA laws are being complied with. After examination of information and documents of the transaction, Chartered Accounatnt gives Form 15CB to the client
Though there are no penal provisions prescribed specificaaly for 15CA CB but one must understand that the matters involving non resident taxation are very complicated therefore it is always best to comply with provisions of Form 15ca/cb
What is the validity of form 15CA and CB online
Generally, the Form 15CA and CB is valid till a week from the date of generating these. So usually, you must seek CA services online for your Form 15CB when you know and are ready to remit the funds. Keep the documents ready and 2-3 days prior to the date of remittance seek for CA for Form 15 CA and CB.
In which case Form 15 CB is not required?
Form 15CB are not required to be furnished in certain transactions prescribed by the Income Tax laws in India. You can see this chart in income tax which provides a list in which case Form 15 CB is not required. If you have any questions, you can send your question to TAX VIC and get an instant reply.
Is 15 CA and 15 CB required for NRO to NRE transfer
Yes From 15 CA CB certificate is required for nro to nre transfer as well. Your Bank will ask for certain remittances being made out of nro to nre transfer. You can fins ca services online for the Form 15 a/cb certificates. Information and documents needed in order to process these forms are the sender and receiver pan and address, bank ifsc and bsr code from which the money is being transferred and the date and amount of remittance.
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