As seen in earlier article “Form 15CA & Form 15CB applicable on all payment“, except the exempted list, Form 15CA and Form 15CB was required for all type of payment. This resulted into lot of paper work for importers during regular import transactions.
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 |
| S0104 | Intermediary Trade |
| S0190 | Imports below ₹ 5,00,000(For use by ECD offices) |
Reference
- CBDT Notification No. 93/2015: Dated 16-Dec-2015
- Revised Form 15CA
- Revised Form 15CB
Buyer's Credit & Supplier's Credit 
Sir, I would be highly thankful if you would clarify the following issues:
1) How one can assume that payment during the year would not exceed Rs.5 lakhs?
2) in case If 15ca filled in Part -A is filed and submitted assuming that remittance would be less than Rs.5 lakh, and by the year end it eventually exceeds rs.5 lakhs what would be the consequences, penalty of 1 lakh for each such form would be levied?
3) For limit of Rs.5 lakhs, only interest to be aggregated or principal plus interest?
4) Part D of form 15ca says ‘To be filled up if the remittance is not chargeable to tax under the provisions of the Income-tax Act,1961{other than payments referred to in rule 37BB(3)} by the person referred to in rule 37BB(2)]
Since the repayment of buyers credit has two parts; principal and interest where principal is not chargeable to tax and interest is chargeable to tax, should we give this information in the ONE form by filling part A and Part D or two separate forms 15CB/15CA to be filed? OR there is no need to give any information of remittance of principal amount of buyers credit.