Monday, August 3, 2015

RE: [aaykarbhavan] Requirement of Form 15CA & 15CB for import Payment by Banks



Dear Niraj

In case of payment through credit card. No need to submit 15CA/15CB because nobody available to submit the same. Though, 15CA can be filed online to Income tax website. But at the same time, you need to comply with TDS provisions if applicable for the said payment.

regards

CA Rahul Makani
+919925043401


From: aaykarbhavan@yahoogroups.com
To: aaykarbhavan@yahoogroups.com
Date: Mon, 27 Jul 2015 07:57:48 +0000
Subject: Re: [aaykarbhavan] Requirement of Form 15CA & 15CB for import Payment by Banks

 

Dear Rahul

My asking was regarding compliance of Rule 37BB. As per my understanding, forms 15CA & CB have to be submitted.

Extract of Rule 37BB:
(2) The information in Form No. 15CA shall be furnished by the person electronically to the website designated by the Income-tax Department and thereafter signed printout of the said form shall be submitted to the authorised dealer, prior to remitting the payment.
(3) An income-tax authority may require the authorised dealer to furnish the signed printout referred to in sub-rule (2) for the purposes of any proceedings under the Act.

How do we comply with above mentioned procedure in case of payment through credit card?
To whom we have to submit Form 15CA?
 
Thanks and Regards,
CA. Neeraj Bansal ACA
N A V & CO
(Chartered Accountants)
SCO 40, 2nd Floor
Sector 47-D
Chandigarh

Phone: 0172-2634700
Mobile:+91-9888970276

Notice: The information contained in this e-mail message and/or attachments to it may contain confidential or privileged information. If you are not the intended recipient, any dissemination, use, review, distribution, printing or copying of the information contained in this e-mail message and/or attachments to it are strictly prohibited. If you have received this communication in error, please notify us by reply e-mail or telephone immediately and permanently delete the message and any attachments. Thank you




On Saturday, 25 July 2015 7:26 PM, "CA Rahul Makani rahulmakani@hotmail.com [aaykarbhavan]" <aaykarbhavan@yahoogroups.com> wrote:


 
 Dear niraj
As per my opinion payment for education fees need to submit 15 CA /CB.  SEE DETAILS BELOW.


from June 1, 2015 on all payments made to non resident or foreign company Form 15CA and Form 15CB is applicable; except for payments under specified list (given below).
From Buyers Credit respective, as per our interpretation, Form 15CA and Form 15CB will still not be applicable to payments made to Indian Bank Overseas Branches as parent of the same is resident and above clarification hold true only for non-resident, (not being a company), or to a foreign company. 

Specified List
Sl.No. Purpose code as per RBI Nature of payment
(1) (2) (3)
1 S0001 Indian investment abroad -in equity capital (shares)
2 S0002 Indian investment abroad -in debt securities
3 S0003 Indian investment abroad -in branches and wholly owned subsidiaries
4 S0004 Indian investment abroad -in subsidiaries and associates
5 S0005 Indian investment abroad -in real estate
6 S0011 Loans extended to Non-Residents
7 S0202 Payment- for operating expenses of Indian shipping companies operating abroad.
8 S0208 Operating expenses of Indian Airlines companies operating abroad
9 S0212 Booking of passages abroad -Airlines companies
10 S0301 Remittance towards business travel.
11 S0302 Travel under basic travel quota (BTQ)
12 S0303 Travel for pilgrimage
13 S0304 Travel for medical treatment
14 S0305 Travel for education (including fees, hostel expenses etc.)
15 S0401 Postal services
16 S0501 Construction of projects abroad by Indian companies including import of goods at project site
17 S0602 Freight insurance – relating to import and export of goods
18 S1011 Payments for maintenance of offices abroad
19 S1201 Maintenance of Indian embassies abroad
20 S1 202 Remittances by foreign embassies in India
21 S1301 Remittance by non-residents towards family maintenance and-savings
22 S1302 Remittance towards personal gifts and donations
23 S1303 Remittance towards donations to religious and charitable institutions abroad
24 S1304 Remittance towards grants and donations to other Governments and charitable institutions established by the Governments
25 S1305 Contributions or donations by the Government to international institutions
26 S1306 Remittance towards payment or refund of taxes.
27 S1501 Refunds or rebates or reduction in invoice value on account of exports
28 S1503 Payments by residents for international bidding

regards

CA Rahul Makani



Sent from Samsung Mobile


-------- Original message --------
From: "NEERAJ BANSAL caneerajbansal@yahoo.co.in [aaykarbhavan]" <aaykarbhavan@yahoogroups.com>
Date:25/07/2015 6:45 PM (GMT+05:30)
To: aaykarbhavan@yahoogroups.com
Cc:
Subject: Re: [aaykarbhavan] Requirement of Form 15CA & 15CB for import Payment by Banks

 
Dear All,

How to comply with the provisions of Section 195(6) in the case when payment is done through credit card?

I have a client who is educational consultant and pays fees to educational universities outside India through credit card on behalf of students. No 15CA/CB is submitted. Is this violation of Section 195(6)?  
 
Thanks and Regards,
CA. Neeraj Bansal
ACA, LLB, DISA(ICAI), B.Com (Hons)

N A V & CO
(Chartered Accountants)
SCO 40, 2nd Floor
Sector 47-D
Chandigarh

Phone: 0172-2634700
Mobile:+91-9888970276

Notice: The information contained in this e-mail message and/or attachments to it may contain confidential or privileged information. If you are not the intended recipient, any dissemination, use, review, distribution, printing or copying of the information contained in this e-mail message and/or attachments to it are strictly prohibited. If you have received this communication in error, please notify us by reply e-mail or telephone immediately and permanently delete the message and any attachments. Thank you




On Friday, 24 July 2015 4:39 PM, "Dipak Shah djshah1944@yahoo.com [aaykarbhavan]" <aaykarbhavan@yahoogroups.com> wrote:


 
If you need any further information , pl let me know.
Shah D J



On Friday, 24 July 2015 5:55 AM, "'Vikas V. Mishra' vvm@princepipes.com [aaykarbhavan]" <aaykarbhavan@yahoogroups.com> wrote:


 
Hi,
 
Can anyone explain me about requirement of Form 15CA & 15 CB.
 
 
Thanks & Regards,
Vikas Mishra
 

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Posted by: CA Rahul Makani <rahulmakani@hotmail.com>


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1 comment:

  1. Ananya MishraJune 5, 2021 at 12:41 AM

    Form 15CA/CB is a Declaration of Remitter that is used to collect information in lieu of payments that are taxed in the hands of a receiver who is not a resident of India. This is the beginning of a useful Information Processing System that the Income Tax Department can use to track international remittances and their sources in order to estimate tax due. Contact Us: +91 8929218091

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