Form 15CA and Form 15CB Certificate may be applicable in few cases of Buyers Credit Repayment. Over the period of time there has been many changes to regulation and latest one issued on 16th December 2015 and got implemented from April 1, 2016.
At the time of Repayment of Buyers Credit Loan
A. Repayments made to Indian Bank Overseas Branches
Form 15CA : As per our interpretation Form 15CA is not applicable in case of Indian Bank Overseas Branches as its status is Resident
Further details of the same can be found in article ” Form 15CA & Form 15CB not applicable on Interest Payment to Indian Bank Branches“
Incase the bank is still adamant on submission of Form 15CA, then the same can be submitted under Part D. But its has an issues of selecting Nature of Remittance, as there is no relevant head.
B. Repayments made to Foreign Bank or Indian Bank Subsidiaries
- Form 15CA: Part C
- Nature of Remittance : Income
- Purpose Code: S1403: Remittance towards Interest on Loans from Non Residence (Short Term / Medium Term / Long Term Loans)
- Form 15CB (Issued by Chartered Accountant)