From 15 ca applicability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 November 2014 We have imported certain equipments from Itly and paid 85% bill amount (EURO) in April 2014.

Now I am making balance payment in EURO although this payment is for import of material which is non taxable, but my Banker asked for Form 15CA.

Earlier they made 85% payment without form 15CA.And Form 15CA it self says To be Filled up If remittance is chargeble to tax.

Is it complusory to file Form 15CA for import payment? Or any other Remedy.

Please advice.

CA Rajya lakshmi

CA Rajya lakshmi (Expert)
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13 November 2014 Form 15CA and CB from is required only for the Services which are taxable ,for import of Material Form 15CA and Cb are not required , Please submit Tax Invoice stating 85% is paid on April 2014 and balance 15% will be paid now - We have RBI notification on this

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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13 November 2014 dear sir,as per rule 37 BB, the certificate in form 15 CA is to be furnished by the person paying any payment including salary, interest or any other sum chargeable to tax...... hence the rule is applicable to payment to be made after deducting withholding tax u/s 195
but the banker are asking for form 15CA and CB even in case of payments towards goods or even machinery .
practically you have to fill the form , mentioning the nature of remittance and reason for non deduction of tax

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Querist : Anonymous

Querist : Anonymous (Querist)

13 November 2014 Thanks Experts,

If we fill Form 15 CA than its certification in Form 15 CB is also required Even there is no TDS deduction ?

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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14 November 2014 yes , form 15 CB is also reqired to be filled.but if u show the circular as suggested by other expert, bank may allow remittance without form 15 CA n CB

Querist : Anonymous

Querist : Anonymous (Querist)

14 November 2014 Please provide circular reference.

Thanks.

CA Rajya lakshmi

CA Rajya lakshmi (Expert)
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17 November 2014 Please go to RBi website - Notifications - Foreign Exchange - serial no.9 notification -
Import of Goods and Services into India is being allowed in terms of Section 5 of the Foreign Exchange Management Act 1999 (42 of 1999), read with Notification No. G.S.R. 381(E) dated May 3, 2000 viz. Foreign Exchange Management (Current Account) Rules, 2000 as amended from time to time.

CA Rajya lakshmi

CA Rajya lakshmi (Expert)
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17 November 2014 Please show the circular to bank person and educate him ,

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