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Pursuant to CBDT, Form 15CA and Form 15CB have to be submitted in respect of remittances to non-residents pursuant to Section 195(6), which allows the individual responsible for making payment to a non-resident to include details on these payments. Banks are generally liable for money transfers to non-residents if the individual providing the remittance furnishes a commitment, followed by a certificate from the Chartered Accountant(' CA') verifying the withholding tax rate as provided for in section 195 of the Act.
15CA & 15CB process can be complex.
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Our CAs have decades of experience in granting 15CB certificates, filing 15CA documents, managing the whole case from beginning to end and rendering this complicated procedure of disbursing / transferring funds outside India simple and fast for our clients.
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What is Form 15CB?
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.
How you Got the 15CB ?
What is Form 15CA?
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.
How you Got the 15CA?
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.
What Kind of payment Covered under 15CA & 15CB?
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)]
What is Provision while payment made through Bank Transfer / Credit Card / Paypal with regard to under 15CA & 15CB compliance?
Special Cases where 15CA CB is applicable and should be taken care of:
Note: That means, any payment to non-resident(either by Bank Transfer / Credit Card / Paypal will now be covered).
What are special cases where compliance under Form 15 CB from Chartered Accountant will not require?
Form 15 CB from Chartered Accountant will not require in certain cases –
How to check the TDS is applicable or not on foreign payments?
How taxability on Commission paid to non-resident?
|Commission for Commercial services||Commission for Technical services|
The said commission is taxable in India under Domestic Law only if
If Yes, NR agent satisfies one of the above conditions than - Commission is Taxable in India, as per (Domestic Law)
Commission is said to in the nature of Technical Service if it is necessary that some sort of managerial, technical or consultancy services should have been rendered.If the above condition is satisfied, then taxability is governed by the Fee for Technical Services (FTS)
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.
What are the penalties under 15CA & 15CB Noncompliance?
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.
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We use Rajput Jain & Associates for all our accounting, Corporation tax, VAT and other compliance needs. The service is professional, courteous and prompt. I would recommend Rajput Jain & Associates to any company requiring a comprehensive accounting and tax service.
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