fORM 15CA L/C PAYMENT-IMPORT

This query is : Resolved

Uma (Querist)
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04 August 2009 OUr Company regularly imports Equpt spares from our OEM & chemicals for our operations,both Non Residents for which payment is made thru L/Cs at sight. So far our Authorised Dealer never insisted for any document,viz, Order u/s 195(2) or CA certificate for establishing or payment thru L/C .

In view of the new CBDT provisions, please clarify:

1) Whether both Form 15CB (CA Certificate) & Form 15CA are required for payemnt thru L/Cs

2) If yes,at what point of time these forms Form 15CA is to be submitted? a) While Opening L/C or b) while retiring L/C.

3)In case of a) it is not possible to know the date of remittance as LC specifies only Latest date of shipment+21 days for negotiation.
,In case of b)exact date of remittance by negotiating/ advsising/ correspondent bank to NR cannot be known to remitter. So what date should be mentioned in "proposed date of remittance"?
Thanks

visu iyer

visu iyer (Expert)
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04 August 2009 while retiring L/c

Sunil

Sunil (Expert)
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26 November 2009 The date your account has to be debited is the date of your remittance. If your import includes a payment that involves payment of FTS then TDS may be applicable on that portion. This usually happens for import of machines.

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