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15CA and 15CB Introduction in Detail

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Published on 07 Oct 2019 / In Company

15CA and 15CB Introduction with Detail

Certificates for Foreign Remittance

FORM 15CA:-

• Declaration of remitter.

• Used as a tool for collecting information, in respect of payments which are chargeable to tax in the hands of recipient NON-RESIDENT?

• This form helps Income Tax Department in tracking foreign remittances & their taxability.

• As per Rule 37BB, it is a duty of authorized dealers/banks to ensure that such forms are received by them (from the remitter).

FORM 15CB:-

• Chargeability can be ascertained and certified by obtaining a certificate from a Chartered Accountant, Which is known as “FORM 15CB”.

• Form 15CB makes it clear that there is no condition or exemption to obtain such certificate when the remittance is not chargeable to tax.

• Form 15CB is the Tax Determination Certificate where the Issuer CA,
Examines the remittance having regard to chargeability provisions along with provisions of “Double Tax Avoidance Agreements” with the Recipient’s Residence Country.

UDIN Generation:-

• UDIN must be generated for every 15CB issued by a practicing CA whose signature has been affixed in the Form 15CB.

• The maximum time limit of generating the UDIN (Unique Document Identification Number) is 15 days from date of signing of Document.

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