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.
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.
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.
Refer Revised Article:
Post below article CBDT has revised rules for form 15CA and Form 15CB. Please refer above article for further detail.
In earlier article about Withholding Tax (WHT), we have discussed about the process and applicability of Form 15CA and 15CB. On 5th August, 2013 CBDT revised the guidelines on Form 15CA and Form 15CB and further amended on 02nd September 2013. Below article gives a summary of changes made.
In September 2012, CBDT had prescribe a format in which Tax Residence Certificate (TRC) was required from April 2013. In the Amendments to Finance Bill 2013, requirement of prescribed format has been done away with. Below article gives further details on the same.
Earlier articles have discussed about applicability of Withholding Tax on Interest payment in case of Buyers Credit and Suppliers Credit. Readers have come back asking query whether Surcharge and Education Cess is applicable or not on withholding tax amount. Below article answers these queries.
As per Income Tax circular 04/2009 dated 29th June, 2009 (Circular Link provided below), Form 15CA and 15CB Certificate under Section 195 of Income Tax is required to be submitted in cases where payments are made to a non-resident.
Below Country-wise double taxation summary chart provides Tax rate and Article reference number applicable on interest payments to beneficiary outside India. Same will be useful at the time of filling up Form 15CA and Form 15CB
As with other TDS defaults the consequences for Non deduction of Withholding Tax (WHT) may be broadly classified as under:
Refer Revised Article : Form 15CA and Form 15CB not Required for Import Payments
Post below article CBDT has revised rules for form 15CA and Form 15CB effective from April 01, 2016. Please refer above article for further detail.