Explanation 2 to Rule 37BB of Income Tax Rules, 1962 states that for payments of the nature specified in column (3) of the specified list, no information is required to be furnished under sub-rule (1).
This means forms 15CA or 15CB need not be submitted in case payment is of the nature specified in that list (for e.g., investment in equity share capital outside India).
Revised sub-section (6) of section 195 requires form 15CA and 15CB to be submitted in all cases, whether TDS is applicable or not. With this revision, no corresponding revision has been made in Rule 37BB.
In this scenario, kindly confirm whether remittance of funds outside India to invest in equity capital of a foreign company will require issuance of form 15CB by an accountant and submitting form 15CA by the remitter.
Thanks in advance.
CAclubindia
