Post below article CBDT has revised rules for form 15CA and Form 15CB effective from April 01, 2016. Refer article: Form 15CA and Form 15CB not Required for Import Payments
In revised notification issued by CDBT on 16th December 2015, effective 01’st April 2016, import payment has been made part of exempted list. Hence forth Form 15CA and Form 15CB will not required for the same during import transactions.
Addition to exempted List
|Purpose Code||Nature of Payment|
|S0101||Advance Payment against Imports|
|S0102||Payment towards Imports – Settlement of Invoice|
|S0103||Imports by Diplomatic Missions|
|S0190||Imports below 5,00,000 (For use by ECD offices)|
In earlier article “Revised Form (15CA, 15CB) and Rules for Payment to Non Resident“, we had discussed that Form 15CA and Form 15CB is applicable only on those payment which were chargeable to tax.
In Finance Bill 2015, a new sub-section 6 has been added to Section 195
In section 195 of the Income-tax Act, for sub-section (6), the following sub-section shall be substituted with effect from the 1st day of June, 2015, namely:— “(6) The person responsible for paying to a non-resident, (not being a company), or to a foreign company, any sum, whether or not chargeable under the provisions of this Act, shall furnish the information relating to payment of such sum, in such form and manner, as may be prescribed.”.
After section 271H of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2015, namely:— “271-I. If a person, who is required to furnish information under sub-section (6) of section 195, fails to furnish such information, or furnishes inaccurate information, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of one lakh rupees.”.
|Sl.No.||Purpose code as per RBI||Nature of payment|
|1||S0001||Indian investment abroad -in equity capital (shares)|
|2||S0002||Indian investment abroad -in debt securities|
|3||S0003||Indian investment abroad -in branches and wholly owned subsidiaries|
|4||S0004||Indian investment abroad -in subsidiaries and associates|
|5||S0005||Indian investment abroad -in real estate|
|6||S0011||Loans extended to Non-Residents|
|7||S0202||Payment- for operating expenses of Indian shipping companies operating abroad.|
|8||S0208||Operating expenses of Indian Airlines companies operating abroad|
|9||S0212||Booking of passages abroad -Airlines companies|
|10||S0301||Remittance towards business travel.|
|11||S0302||Travel under basic travel quota (BTQ)|
|12||S0303||Travel for pilgrimage|
|13||S0304||Travel for medical treatment|
|14||S0305||Travel for education (including fees, hostel expenses etc.)|
|16||S0501||Construction of projects abroad by Indian companies including import of goods at project site|
|17||S0602||Freight insurance – relating to import and export of goods|
|18||S1011||Payments for maintenance of offices abroad|
|19||S1201||Maintenance of Indian embassies abroad|
|20||S1 202||Remittances by foreign embassies in India|
|21||S1301||Remittance by non-residents towards family maintenance and-savings|
|22||S1302||Remittance towards personal gifts and donations|
|23||S1303||Remittance towards donations to religious and charitable institutions abroad|
|24||S1304||Remittance towards grants and donations to other Governments and charitable institutions established by the Governments|
|25||S1305||Contributions or donations by the Government to international institutions|
|26||S1306||Remittance towards payment or refund of taxes.|
|27||S1501||Refunds or rebates or reduction in invoice value on account of exports|
|28||S1503||Payments by residents for international bidding|
- Finance Bill 2015
- Analysis of Form 15CA & 15CB requirement for payments made for import of goods – Article from Tax Guru
- Section 195 of Income Tax Act 1961
- Revised Form 15CA Format
- Revised Form 15CB Format, Excel Format of Revised Form 15CB
- NOTIFICATION 67/2013 [SO 2659(E)] : Income-tax (Fourteenth Amendment) Rules, 2013 – Substitution of Rule 37BB and Form Nos. 15CA and 15CB Dated : 02-09-2013
- CBDT-Substitution of Rule 37BB and Form 15CA-15CB (Notification No 58/2013): Dated: 05-08-2013
- Form 15CA (Online Filling) (Follow process given in article)
- Income Tax Circular : Remittances to non-residents: Dated: 29-06-2009
- Procedure for furnishing information in Form 15CA and Form 15CB.
- Form 15CA and 15CB under Section 195 of Income Tax.
- Form 15CA & 15CB Not Applicable on Interest payment to Indian Bank Branches.
- Section 9(1)(i).
- Tax Residency Certificate Not Required in Prescribed Format.
- Country-wise Double Taxation Summary Chart on Interest