Form 15ca , 15cb
This query is : Resolved
30 March 2016
There is an ammendment in Rule 37BB of Income Tax Act 1961, that Form 15CA ,15CB is not required for import of goods., which is applicable from 1.4.16. My query is ., whether issue of Form 15CA, 15CB for payment for import of goods is mandatory for FY 15-16 . Thanks in advance
30 March 2016
Banks do insist form 15CA CB for such remittances.
31 March 2016
Thanks Sir.,So if bank insists and company does not Furnish Form 15CA, 15CB for payments for import of goods., then the company can be liable for penalty as per Sec 271 I ., ie fine of Rs 100000 for non- furnishing of information ?
31 March 2016
I am sorry to understand your query connection between BANK and ASSESSING OFFICER.
271 I, as far as my knowledge goes is between assessee and assessing officer. Can you please express your views as to why you feel that if company does not furnish information to BANK will tentamount to non furnishing of information to Assessing Officer. Will you please?
271 I, as far as my knowledge goes is between assessee and assessing officer. Can you please express your views as to why you feel that if company does not furnish information to BANK will tentamount to non furnishing of information to Assessing Officer. Will you please?
31 March 2016
Sir I read this article
The person making the payment, after obtaining the Certificate in Form 15CB from a Chartered Accountant shall furnish information in Form No. 15CA. Form 15CA is then required to be uploaded by the remitter electronically at the site of the Income-tax Department.
A signed printout of both Form 15CA and 15CB shall be submitted to the authorized dealer/banks, prior to remitting the payment. Authorized Dealers/ Banks are now becoming more vigilant in ensuring that such Forms are received by them before remittance is affected since a duty is casted on them to furnish Form 15CA received from remitter, to an income-tax authority for the purposes of any proceedings under the Income-tax Act.
Sir,Sorry if I had confused., my main query is if non filing/furnishing of Form 15CA, 15CB in respect of payment for import of goods ., can attract penalty of Sec 271I ., for FY 2015-16
The person making the payment, after obtaining the Certificate in Form 15CB from a Chartered Accountant shall furnish information in Form No. 15CA. Form 15CA is then required to be uploaded by the remitter electronically at the site of the Income-tax Department.
A signed printout of both Form 15CA and 15CB shall be submitted to the authorized dealer/banks, prior to remitting the payment. Authorized Dealers/ Banks are now becoming more vigilant in ensuring that such Forms are received by them before remittance is affected since a duty is casted on them to furnish Form 15CA received from remitter, to an income-tax authority for the purposes of any proceedings under the Income-tax Act.
Sir,Sorry if I had confused., my main query is if non filing/furnishing of Form 15CA, 15CB in respect of payment for import of goods ., can attract penalty of Sec 271I ., for FY 2015-16
31 March 2016
No.
There is a change in section 195(6) with effect from 01/06/2015. The newlyadded section 195(6) reads as under
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.
Please refer the following link
http://www.incometaxindia.gov.in/_layouts/15/dit/pages/viewer.aspx?grp=rule&cname=cmsid&cval=103120000000007406&k=&isdlg=0
I request you to go through Rule 37BB(3)(i) and (ii). I think 271 I is not applicable. Please share your views as well, after going through the link.
There is a change in section 195(6) with effect from 01/06/2015. The newlyadded section 195(6) reads as under
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.
Please refer the following link
http://www.incometaxindia.gov.in/_layouts/15/dit/pages/viewer.aspx?grp=rule&cname=cmsid&cval=103120000000007406&k=&isdlg=0
I request you to go through Rule 37BB(3)(i) and (ii). I think 271 I is not applicable. Please share your views as well, after going through the link.
31 March 2016
Sir ., Rule 37BB has been amended with effect from 1.4.16 ., and specified list for which form 15CA, 15CB , is not applicable has been increased from 28 to 33., payment for import of goods has been now added . http://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/424/Press-release-Rule-37BB-17-12-2015.pdf
But prior to this in the old Rule 37BB ., there were only 28 items in specified list ., payment for import of goods was not part of that list.
So my view is that for the period 1.6.15 to 31.3.16 ., for payment towards import of goods Form 15CA needs to be filed.
As far as Form 15cb ,there was inconsistency between amended Sec 195 of Income tax Act 1961 which required information to be furnished ., whether taxable or not., and earlier Rule 37BB ., which required Form 15CB for taxable payments.
I found the following article useful
https://www.caclubindia.com/articles/requirement-of-form-15ca-form-15cb-24080.asp
Sir , thanks a lot for taking time to clarify my doubt
But prior to this in the old Rule 37BB ., there were only 28 items in specified list ., payment for import of goods was not part of that list.
So my view is that for the period 1.6.15 to 31.3.16 ., for payment towards import of goods Form 15CA needs to be filed.
As far as Form 15cb ,there was inconsistency between amended Sec 195 of Income tax Act 1961 which required information to be furnished ., whether taxable or not., and earlier Rule 37BB ., which required Form 15CB for taxable payments.
I found the following article useful
https://www.caclubindia.com/articles/requirement-of-form-15ca-form-15cb-24080.asp
Sir , thanks a lot for taking time to clarify my doubt
01 April 2016
In the earlier 28 items of specified list....."Advance for import" was one of the items.
Even if form 15 CA is not given, it wont attract 271 I penalty.
Even if form 15 CA is not given, it wont attract 271 I penalty.
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