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Online Filling of Form 15CA/CB

Online Filling of Form 15CA/CB

Form 15CA and Form 15CB has been prescribed by CBDT in respect of Various Foreign remittance to be made by the Assessee/Remitter. Form 15CA is a declaration by person intending to make remittance and Form 15CB is Certificate from a Chartered Accountant is respect of deductibility of Tax on such remittance. Earlier form 15CA was required to be submitted online on TIN-NSDL website, while form 15CB was a Manual Certificate. Later on filing of forms been shifted from TIN-NSDL website to e-filing website of Income Tax Department and recently department has made e-filing of form 15CB also online.

The significant Amendment are as follows –(w.e.f 01.04.2016)

  •  Form 15CA and 15CB which does not require RBI approval will be NOT be required to be furnished by an individual for remittance
  •  List of payments of specified nature mentioned in Rule 37BB, 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 if the payment exceeds Rs. 5 lakhs.

If your bank asked you to go get a 15CA CB certificate from a Chartered Accountant for remittance. You are at the right place. Just fill in your details and get an instant response from a Meru Expert Team. As DVKS having a vast experience for analysing the transaction based on DTAA agreement with various countries.

FREQUENTLY ASKED QUESTIONS

Q.1. What is Form 15CA and Form 15CB?

Form 15CA and Form 15CB are required for making payments to non-residents, to ensure compliance with Tax Deducted at Source (TDS) provisions under the Income Tax Act.

Key points:

  • Form 15CA: A declaration form filed by the person making the payment to a non-resident to report the details of the payment and TDS deducted, if applicable.
  • Form 15CB: A certificate issued by a Chartered Accountant confirming that the TDS has been deducted correctly as per the provisions of the Income Tax Act.
  • Both forms are typically filed electronically through the Income Tax Department’s e-filing portal.
  • The forms are needed when the remittance exceeds ₹5,00,000 in a financial year or for certain specified payments to non-residents.

Form 15CA/CB must be filed when making payments to non-residents that are subject to TDS.

Key points:

  • Remittances to Non-Residents: Applicable for payments like interest, royalty, technical fees, dividends, professional fees, etc., made to non-residents.
  • Threshold: Required when the total payment exceeds ₹5,00,000 in a financial year, although certain payments may require filing even if below this limit (such as certain fees and dividends).
  • TDS Deduction: If the payment involves any TDS, Form 15CA must be filed along with Form 15CB by the Chartered Accountant, confirming correct TDS deduction.
  • Timing: Form 15CA must be filed before making the payment to the non-resident, while Form 15CB should be filed alongside it.

The online filing process involves submitting Form 15CA via the Income Tax e-filing portal and uploading Form 15CB signed by a Chartered Accountant.

Key points:

  • Step 1: Login to the e-filing portal: Access the Income Tax Department’s e-filing website and login using the user credentials.
  • Step 2: Choose the correct form: Select the relevant form (Form 15CA) and fill in the necessary details regarding the remittance and TDS.
  • Step 3: Upload Form 15CB: After obtaining the Form 15CB from a CA, upload it in the required format.
  • Step 4: Submit and Generate Acknowledgement: Once the forms are correctly filled and submitted, an acknowledgment number is generated, which serves as proof of compliance.
  • Step 5: Payment Confirmation: Complete the remittance to the non-resident, following the completion of the online filing.

Failure to file Form 15CA and/or Form 15CB correctly and on time can result in penalties and legal consequences.

Key points:

  • Late Filing: A penalty of up to ₹1,000 may be levied for late filing of Form 15CA.
  • Incorrect Filing: If there are discrepancies in the forms, penalties can be imposed, and the remittance may be delayed.
  • Interest on Non-Compliance: If TDS is not deducted or paid on time, interest at the rate of 1% per month may be charged under Section 201.
  • Tax Deduction Defaults: If there is a failure to deduct TDS when applicable, the payer may be liable for penalties ranging from 100% to 300% of the tax due.

A Chartered Accountant plays a critical role in ensuring accurate and compliant filing of Form 15CB, a mandatory document for online filing of Form 15CA.

Key points:

  • Verification of TDS Compliance: The CA verifies that the correct amount of TDS has been deducted from the payment being made to the non-resident.
  • Form 15CB Certification: The CA certifies the TDS deduction and ensures that all relevant provisions of the Income Tax Act have been adhered to.
  • Assisting in Online Filing: The CA may also help the taxpayer with the filing process or provide guidance on the necessary steps to complete the filing of both forms.
  • Supporting Documentation: The CA helps gather the required documents, such as the payment details, tax certificate, and other supporting documents, needed for the forms.