15CA, CB CERTIFICATION
Section 195 of the Income Tax Act 1961 and Rule 37 BB of Income Tax Rules, 1962. No remittance should be made to a non-resident without furnishing an undertaking in Form 15 CA accompanied by a Certificate from a Chartered Accountant in Form 15CB hence any Person making the Payment to non- resident shall obtain a certificate from a Chartered Accountant in Form 15CB.
Frequently Asked Questions
Form 15CA is a remitter declaration which is used as a method to gather information on payments that are taxable in the hands of non-resident recipients. The form 15CA is therefore required to be registered with the tax department online.
- The Remitter shall electronically upload Form 15CA.
- The Information furnished in the Form 15CA is to be filed using the information contained in Form 15CB.
- The duly signed form Form 15CA and Form 15CB shall be submitted in duplicate to the Bank. The Bank will then forward a copy of the Certificate and undertaking to the assessing officer concerned.
Section 195 of the Income Tax Act , 1961, requires the deduction of Income Tax from Non-Resident payments. The person making the transition to non-resident must furnish an undertaking (in 15CA form) followed by a Certificate of Chartered Accountants in Form 15CB
Yeah, Form 15CA can be revoked within 7 days of the date of submission. The path to revoke the form submitted will be available on the Assessee website concerned.
If an Assessee who is expected to file Form 15CA 15CB does not furnish the same before making a remittance to a non-resident, he is liable for penalties under section 271I of the 1961 Income Tax Act. Such penal requirement shall be attracted even if the individual has given the information inaccurately. Rs.1lakhs is the amount of penalty that the Assessing officer may require the Assessee to pay for Non-compliance.
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