Changes in form 15ca and form 15cb w.e.f 1-4-2016

Section 195 of the Income-tax Act (‘the Act’) empowers the Central Board of Direct Taxes to capture information in respect of payments made to non-residents, whether chargeable to tax or not. Rule 37 BB of the Income-tax Rules has been amended to strike a balance between reducing the burden of compliance and collection of information under section 195 of the Act.

The significant changes under the amended Rules are:

No Form 15CA and 15CB will be required to be furnished by an individual for remittance which do not requiring RBI approval under its Liberalised Remittance Scheme (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 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.

The amended Rules will become applicable from 01.04.2016.

For other information and notification click here: https://www.simplifiedlaws.com/15ca-15cb-requirement-wef-01-04-2016-payment-to-non-resident/#ixzz3uZchxmq5

and one of the big change is Filing Form 15CB is also online from CA Login... Assessee should add CA for FORM 15CB then CA can file Form 15CB in X M L along with XML Signature file.

Once the CA File the X M L , Assessee can get the Acknowledgment Number which will be required by him to process Form 15CA in PART C, good thing is that all the detail uploaded by CA will be auto filed in form 15CA, so assessee just need to enter some basic detail and check the detail filed by CA and add the Signature and file it.

Now Form 15CB and Form 15CA can be withdrawn within 7 Days.. so a good option.

so if any error then one can withdraw it and file another :)

Little lengthy process but everything digitalisation.