15CA/CB Certificates
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15CA/CB Certificates
Under Income Tax there are few taxes deducted for the
payments which are made outside India. There is certain compliance which are followed and tax is deducted. The recipient NRI payments information is collected and that are chargeable to tax. Form 15CA is mainly for payment made outside India to an NRI. Through, Income Tax Department Form 15CA is filed online.
What is Form 15CA?
Form 15CA is a declaration made by the person remitting
the money wherein he states that he has deducted the tax from
any payments so made to the non-resident.
It needs to be filed by the remitter- a person making the
payment to an NRI or a Foreign Company.
Form 15 CA is also used as a tool to gather information
regarding the payments that are chargeable to tax.
Through this form, the Income Tax Department also keeps
a track of all the foreign remittances/payments and their
taxability.
As per Income Tax Rule 37BB, it is the responsibility and
the duty of authorized banks or dealers to ensure that they
obtain such forms from a remitter.
Income Tax Form 15 CA is required to be filed online with
the Income Tax Department.
Also, along with Form 15 CA, 15 CB needs to be filed with
the Income-tax Department.
However, Form 15 CB needs to be accompanied by a
certificate from an Accountant in Form 15CB.
Consequences of Non-filing of Form 15 CA
1. If an assessee who is required to file Form 15CA fails to furnish the same before making remittance to a non-resident, then he shall be liable to pay a penalty as per the provisions of the Income Tax Act, 1961.
2. Such penal provision shall be attracted even if the person furnishes inaccurate information.
The amount of penalty which the assessing officer may ask the assessee to pay for Non-compliance may reach up to is Rs.1 lakhs.
1. If an assessee who is required to file Form 15CA fails to furnish the same before making remittance to a non-resident, then he shall be liable to pay a penalty as per the provisions of the Income Tax Act, 1961.
2. Such penal provision shall be attracted even if the person furnishes inaccurate information.
The amount of penalty which the assessing officer may ask the assessee to pay for Non-compliance may reach up to is Rs.1 lakhs.
Documents required for Form 15CA and 15CB
Details of RemitterName of the Remitter
Address of the Remitter
PAN of the Remitter
Principal Place of Business
E-mail Address and Phone No. of Remitter
Status of the Remitter (Firm/ Company/ Other)
Digital Signature of Remitter for submission of Form15CA (Since now the Form needs to be filed electronically)
Details of Remitter
Details of Remittee
Name and Status of the Remittee
Address of the Remittee
Principal Place of Business
Country of the Remittee
Details of Remittance
Country to which the Remittance is made
Currency
Amount of Remittance in Indian Currency
Proposed Date of Remittance
Nature of Remittance as per Agreement (Invoice Copy)
Bank Details of Remitter
Name and Bank of Remitter
Name of Branch of the Bank
BSR Code of the Bank
Documents required for DTAA Benefit
Tax Residency Certificate (TRC) from the Remittee (Tax
Registration of the Country in which remittee is registered).
Form 10F duly filled by the Authorized person of the
remittee (Self Declaration).
No PE (Permanent Establishment) declaration. This is
mandatory if the Income is a business Income.
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