As per Section 195, every person making a payment to Non-Residents whether individual, or a Foreign Company, shall deduct TDS if such sum is chargeable to Income Tax and the details are required to be furnished in Form 15CA.
The furnishing of information for payment to Non-Residents whether individual, or a Foreign Company in Form 15CA has been classified into 4 parts. The different types of form 15CA are as under:
As per Rule 37BB, any person responsible for paying to a Non-Resident, whether it is a, Foreign Company or not, shall furnish such information in Form 15CA.
No, it is not mandatory to submit Form 15CB. Form 15CB is an event-based form to be filled only when the remittance amount exceeds ₹5 lakh during a financial year and a person is required to furnish a certificate from an accountant defined as per Section 288.
In accordance with sub-rule (3) of Rule 37BB of Income Tax Act, 1961, information in Form 15CA is not required to be furnished in case of following transactions:
Form 15 CB is Form which is required to be signed by a Chartered Accountant. This is a certification regarding rates and type of taxes to be paid by a person making remittances.
List of payments where there are no requirement of form 15CB:
|Purpose code as per RBI||Nature of Payment|
|S0001||Indian investment abroad -in equity capital (shares)|
|S0002||Indian investment abroad -in debt securities|
|S0003||Indian investment abroad -in branches and wholly owned subsidiaries|
|S0004||Indian investment abroad -in subsidiaries and associates|
|S0005||Indian investment abroad -in real estate|
|S0011||Loans extended to Non-Residents|
|S0202||Payment- for operating expenses of Indian shipping companies operating abroad.|
|S0208||Operating expenses of Indian Airlines companies operating abroad|
|S0212||Booking of passages abroad -Airlines companies|
|S0301||Remittance towards business travel.|
|S0302||Travel under basic travel quota (BTQ)|
|S0303||Travel for pilgrimage|
|S0304||Travel for medical treatment|
|S0305||Travel for education (including fees, hostel expenses etc.)|
|S0501||Construction of projects abroad by Indian companies including import of goods at project site|
|S0602||Freight insurance – relating to import and export of goods|
|S1011||Payments for maintenance of offices abroad|
|S1201||Maintenance of Indian embassies abroad|
|S1 202||Remittances by foreign embassies in India|
|S1301||Remittance by non-residents towards family maintenance and-savings|
|S1302||Remittance towards personal gifts and donations|
|S1303||Remittance towards donations to religious and charitable institutions abroad|
|S1304||Remittance towards grants and donations to other Governments and charitable institutions established by the Governments.|
|S1305||Contributions or donations by the government to international institutions|
|S1306||Remittance towards payment orrefund of taxes|
|S1501||Refunds or rebates or reduction in invoice value on account of exports|
|S1503||Payments by residents for international bidding|
What is the mandatory information required for filing Form 15CA/CB?
Details of Remitted
Details of Remittee
Details of the remittance
Bank details of the remitter
Documents from the remittee
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