Hello
And does the limit of Rs.50000/- and Rs.250000/- still available after the amendment.
SURANA (PROPRIETOR) (515 Points)
04 June 2015Hello
Vijendran R
(SR AUDIT OFFICER (Retd))
(44 Points)
Replied 20 August 2015
Yes. Though the amendment to section 195(6) of IT ACT is effective from 01/06/2015, corresponding amendment to Rule 37BB/Notification 67/2013 have not been made so far.
Hence as per the Rule 37BB, 15CA has to be furnished only in the case of remittances taxable as per IT ACT.
SURANA
(PROPRIETOR)
(515 Points)
Replied 20 August 2015
SURANA
(PROPRIETOR)
(515 Points)
Replied 21 December 2015
Good Goverance :)
Amendment to Rule 37BB has come now on 16th Dec 2015 and will be effective from 1st April 2016.
And some more changes in Rule...
So something better to understand the section with rules.
Vijendran R
(SR AUDIT OFFICER (Retd))
(44 Points)
Replied 22 December 2015
Rule 37BB has been amended by a notification issued on 16/12/2015 and effective from 01/04/2016 and details are as follows:
Form 15CA for remittance particulars and Auditors' Certificate in 15CB are not required to be furnished by an individual for remittance which do not require RBI approval under its LRS. Further, the list of payments of specified nature mentioned in Rule 37 BB which do not require submission of Forms 15CA and 15CB has been expanded from 28 to 33 including payments for imports. A CA certificate in Form No. 15CB will be required to be furnished in the format indiated in PART C only in respect of such payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds Rs. 5 lakh. For remittances upto 5 lakhs which are chargeable to tax are required to be furnished in PART A but no certificate from CA in form 15 CB is necessary in such cases.However, payments made to non-residents which are not chargeable to tax and also not in the list of 33 specified items are required to be furnished in PART D of form 15CA.
SURANA
(PROPRIETOR)
(515 Points)
Replied 22 December 2015