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Form 15CA and 15CB of Income Tax

Form 15CA and Form 15CB of income tax are essential for Indian taxpayers involved in foreign transactions. Let us understand how these forms facilitate foreign transactions and ensure tax* compliance for Indian residents and businesses.

When it comes to foreign remittance, it often makes people stressed and jittery since the compliance related to foreign money is complicated. Most individuals overlook the critical detail that foreign remittance has on tax implications.
 

As per the law, any tax* paying citizen sending money to an NRI must submit Forms 15CA and 15CB to the bank. However, there are around 28 types of international remittances where there is no need to submit Form 15CA or Form 15CB. Also, these forms are helpful for NRIs to avoid double taxation. 
 

Taxpayers involved in foreign remittance should understand the intricacies of form 15CA and 15CB of India.

What are Form 15CA and 15CB?

 

 

Government authorities have become cautious about the foreign money. The inception of online filing of forms 15CA and 15CB is to offer transparency in foreign remittance. It has been made compulsory for authorised banks to ensure that copies of 15CA and 15CB form downloads are submitted so that no income or payment evades the Income Tax authority. 
 

As per the new rule under Rule 37BB, authorised banks have to provide Form 15CA to the income tax authority of India. Let us understand in detail all about Form 15CA and 15CB.
 

What is Form 15CA?

Form 15CA is the declaration form by the sender or remitter about their foreign remittance. Income tax law states that all foreign payments and remittances must be disclosed. This declaration form helps the authorities know about liable NRI taxpayers' payment sources. Further, it ensures that the taxes are paid on time.
 

This form must be submitted for various services such as technical services, consultancy, royalty, etc. Taxpayers of India can file this form electronically and later submit a copy to the bank directly to clarify their foreign remittances. There are different parts of Form 15CA, which are as follows:
 

  • Form 15CA Part A - Taxpayers must file for Part A of Form 15CA if the foreign remittance is below ₹5 lakhs for a single entity in a financial year.

  • Form 15CA Part B - Individuals must file for Part B when the foreign remittance exceeds ₹5 lakhs in the financial year and income tax order or certificate has been acquired by applicant from AO to deduct tax at low rates.

  • Form 15CA Part C - When the foreign remittance exceeds ₹5 lakhs and has no special income tax certificate, Part C must be filed. Also, individuals need to submit form 15CB issued by a chartered accountant with this form.

  • Form 15CA Part D - Lastly, if the foreign remittance comes under the exemption list, taxpayers must file only part D of Form 15CA.
     

What is Form 15CB?

The chartered accountant issues form 15CB, a certification stating that an individual has paid tax properly. This certification ensures that the Income Tax Act and double taxation avoidance agreement have been compiled while making the payment concerning the tax deductions.
 

This form is usually submitted with Form 15CA when the foreign remittance exceeds the bar of ₹5 lakhs. The issued certificate clarifies the following things:
 

  • Ensures compliance with Section 195 of ITA.

  • Clarifies the rate of deducted TDS.

  • Listed details of payment made to NRI.

Difference Between Form 15CA and 15CB

Let us understand the significant difference between Form 15CA and 15CB.
 

Form 15CA

Form 15 CB

Mandatory to file in all circumstances of foreign remittance.

It must be filed only if the payment exceeds ₹5 lakhs.

There is no compulsion for it to be authorised with CA.

A chartered accountant should sign it.

Submission of Form 15CA does not require any additional details with Form 15CB.

Taxpayers must submit several details of Form 15 CA while issuing Form 15 CB.

Documents Needed For Income Tax Form 15CA and 15CB

The following documents are needed for online filing of forms 15CA and 15CB:
 

  • Details of Remitter -In case of online filing of forms 15CA and 15CB, details of the remitter need to be submitted, such as name, PAN, address, email ID, digital signature, bank details, etc.

  • Details of Foreign Remittance - Other documents that are needed for form 15CA and 15CB are details of foreign remittance such as country to where payment has been made, type of currency, amount of currency in Indian rupees, nature of remittance, and date of remittance.

  • Details of Remittee - Further, details of remittee are equally important, such as name of remittee, bank details, address, country of residence of remittee, etc.

  • Other Documents - Additional documents for form 15CA and 15CB requirements are signed or self-attested Form 10F, Tax Residency Certificate, etc. Further, if the income is earned from the business, then declaration of Permanent Establishment.

How to File Form 15CA and 15CB?

For form 15CB, individuals need to visit the chartered accountant, and the remaining process needs to be carried out by them. However, filing form 15CA can be done both online and offline. For offline procedures, you need to visit your area's offline utility of the income tax department. For online files, follow these steps:
 

  • Step 1: Go to the government website of the income tax department or e-filing portal and log in using your credentials.

  • Step 2: Choose the "E-file" option from the top menu and then click on income tax forms.

  • Step 3: After selecting the “income tax forms” option, enter the PAN details, then select Form 15CA from the dropdown.

  • Step 4: Select the necessary option depending on your remittance.

  • Step 5: After that, fill out the necessary part of Form 15CA and click the "submit" button.

  • Step 6: Next, fill out the verification form of Form 15CA.

  • Step 7: After successful completion and submission of the form, a pop-up will appear confirming the same.

Conclusion

Understanding the basics of Form 15CA and 15CB of Income Tax can be challenging for anyone, but knowing all about it can save individuals from penalties and fines. These forms are essential for receiving and paying foreign parties. 
 

Filing these forms will streamline the income tax process. Further, foreign individuals can save tax obligations under Section 10 and Section 80C of income tax by investing in various saving schemes such as NRI insurance.

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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Frequently Asked Questions

When is form 15ca and 15cb required?

For any foreign remittance, form 15CA and form 15CB need to be submitted to the bank authorities. When the remittance is below ₹5 lakhs, then only part A of form 15CA needs to be submitted. However, if it exceeds ₹5 lakhs, then Form 15CA Part C and Form 15CB must be submitted.

For how long are form 15CA and 15CB valid?

There is no prescribed time limit for Form 15CA and Form 15CB. However, it needs to be submitted before the remittance to bank authorities.

How should Form 15CB be verified?

To verify the Form 15CB, Digital Signature Certificate or DSC is used.

Disclaimer

  • Insurance cover is available under the product.

  • The products are underwritten by Tata AIA Life Insurance Company Ltd.

  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.

  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.

  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.

  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.

  • Tax: *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.