• 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 15CBbesides 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 15CAis 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 15CBis 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    4)      Once forms are filed, it can only be revoked or withdrawn, it cannot be revised.


    5)      If only Form 15CB has been filed, it cannot be withdrawn independently. However, form 15CA can be withdrawn within a period of 7 days of filing.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 In such a case, once form 15CA is withdrawn, form 15CB would also be withdrawn automatically.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 15CBor 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:


    1. Details of remitter like name, address, PAN
    2. Details of remittee like name, address, country where money is to be remitted
    3. Details of bank like name and branch, currency, amount in foreign currency and Indian rupees, BSR code of bank etc.
    4. Details of TDS like rate of TDS, amount of TDS in Indian rupees and foreign currency, date of deduction of TDS etc.
    5. Digital signature of professional who is signing form 15CB


    All the aforesaid points regarding filing of form 15CA and 15CBare very important to be considered by the remitter which will ensure the remittance of money in hassle free manner.