Any person responsible/ required to transfer funds out of India needs to obtain certificate from Chartered Accountant in Form 15CB. Form 15CB will be given by the chartered accountant to the Clients after checking the TDS on the same. Chartered accountant should check the provision of tractability of payment given to the nonresidentIndian. Chartered accountant should provide tax under income tax act and where DTAA apply tax as per DTAA, tax residence certificate details.
FORM 15CB, 15CA CERTIFICATE
As per CBDT prescribing Form 15CA and Form 15CB to be filed in relation to remittances to non-residents under section 195(6), which requires the person responsible for making payment to a non-resident to furnish information relating to such payments. Currently, remittances to non-residents are allowed by banks if the person making the remittance furnishes an undertaking, accompanied by a certificate from a Chartered Accountant (“CA”) certifying the rate for withholding tax as per section 195 of the Act.
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Documents Required for 15CA & 15CB
- PAN Card of Applicant (Remitter)
- Copy of Invoice or Contract for which payment is to be made.
- No PE Declaration from Non Resident/from Exporter.(if applicable)
- Tax Residency Certificate (TRC) ) of foreign country (business proof like pan card in India) of NR/from Exporter.( if applicable)
- Form 10F is all the prescribed details are not mentioned in TRC
- Payee Bank Details like : Bank Account Details (Cancelled Cheque) from which payment is to be made
- BSR Code (Branch code of bank from which payment is to be made.
- Digital Signature of Remitter.
- Name and Status of the vendor, Address of the vendor
- Country of the vendor (Country to Which Remittance Is Made)
- Principal Place of the Business of the vendor
- Self-attested Permanent establishment certificate of Vendor.
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Frequently Ask Questions (FAQs) on 15CB, CA Certificates Services
15CB, CA CERTIFICATES SERVICES– DELHI/ NCR
Step 1 > Start below by sending your inquiry.
Step 2 > We get back to you with complete procedure, documentation & charges involved.
Step 3 > Finally, our chartered accountant issues a 15cb certificate & on the basis of that he files your 15ca form online on your behalf with the Govt and sends the copies wherever you request. That's it!
Form 15CA is an undertaking by the Remitter to be furnished electronically giving details of proposed remittance and tax deducted at source in accordance with the provisions of Section 195(6) of the Income Tax Act, 1961. This undertaking is to be given after obtaining certificate in Form 15CB from a Chartered Accountant.
Step 1 > Obtain C.A.Certificate in form 15CB issued by Chartered Accountant.
Step 2 > Furnish the information in Form No15CA.
Step 3 > Electronically upload Form 15CA on the designated website
Step 4 > Take Print out of Form 15CA and file a signed copy.
Step 5 > Submit two copy of Form 15CA and 15 CB to the banks.
Step 6 > Finally, You Remit money to the Non Resident.
1. Please note that all the above steps have to be undertaken before remittance of money to the non-resident,
2. In case of interest, royalty and technical fees payments Permanent establishment certificate not required.
3. Rate of Tax will be 40% in case of Company or 30% in other cases. Surcharge, EC and SHEC to be added.
Payments made abroad to Non –Resident: W.e.f. 01-06-2015 if any payment is made by any person to a non-resident, any sum whether or not chargeable to income tax shall furnish form No. 15CA & 15CB.Earlier only income chargeable to income tax in India had to be reported only but now all payments are covered.
Form 15CA needs to be filled all the transaction with non-resident [Sec 195(6)]
- For all Import Transactions
- For all credit card transactions
- For all transaction with Non-resident even if payment is made to an Indian Bank account
- For all the transactions related to payment of Interest, Royalty and Fee for Technical Services (FTS)
- For Commission paid abroad
- For Salary paid abroad
Special Cases where 15CA CB is applicable and should be taken care of:
- Payments Made to Facebook or Other Advertisement Agencies
- Payments made for Software purchased / Subscription Purchased
- Any domain/hosting or any website purchased.
Note:That means, any payment to non-resident(either by Bank Transfer / Credit Card / Paypal will now be covered).
Form 15 CB from Chartered Accountant will not require in certain cases –
- The single payment made to a vendor does not exceed Rs. 50,000 and aggregate of all payments to particular vendor does not exceed Rs. 250,000 during a financial year.
- The payment is not chargeable to tax and the nature is included in the “Specified List”. The specified list specifies 39 natures of payments and also mentions the purpose code for each nature.
- Check the provision of income tax act whether TDS is applicable or not on the particular payments and if TDS is applicable check the TDS rate as per income tax act.
- Check the DTAA rate as per treaty by the income tax government.
- TDS will be deducted at the lower of Income tax rate defined by the government or DTAA agreement
Type of Commission paid to Non-Resident
Notes: Commission earned by NR would not be taxable in India under Domestic law if all services rendered by NR outside India (i.e. NR do not have any business connection in India as per Sec 9(1)(i)) and income is not received in India. If it is taxable under Domestic Law, we need to claim the benefit of DTAA in which it is not taxable. Now, we need to claim the benefit of DTAA in this case.
Penal Provision: If such information is not furnished or the information furnished is inaccurate then U/s 271-I penalty of Rs. 1 Lakh may be imposed.And If the relevant form is not filled or incorrectly filled, then the penalty of Rs. 1,00,000 can be levied on the assesses.