Please let me know if its mandatory to File Form 15 CA & Form 15 CB every time for every transaction of making payment for Import from other countries??
2 Replies
Sathish M
(Management Accountant)
(40581 Points)
Replied 12 March 2016
Form 15CA is a Declaration of Remitter and is used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident.
Revised rules are effective 1st April 2016.
The significant changes are as follows –
- Form 15CA and 15CB will be NOT be required to be furnished by an individual for remittance which do not require RBI approval
- 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.
- Form No. 15CB will only be required for payments made to non-residents which are taxable and the payment exceeds Rs. 5 lakh.
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