Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the ultimate-addons-for-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home3/a1636wpq/public_html/taxclick.org/wp-includes/functions.php on line 6114

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the rocket domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home3/a1636wpq/public_html/taxclick.org/wp-includes/functions.php on line 6114

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wordpress-seo domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home3/a1636wpq/public_html/taxclick.org/wp-includes/functions.php on line 6114
Amendment in requirement of Form 15CA and Form 15CB w.e.f. 01.04.2016 - All About Finance

Amendment in requirement of Form 15CA and Form 15CB w.e.f. 01.04.2016

by

Government of
India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

 PRESS RELEASE

Dated: 17th December, 2015

 

 Sub:    Furnishing of information in respect of
payments made to the non-resident-regarding.

 

Section 195 of the Income-tax
Act (‘the Act’)empowers the Central Board of Direct Taxes to capture
information in respect of payments made to non-residents, whether chargeable to
tax or not. Rule 37 BB of the Income-tax Rules has been amended to strike a
balance between reducing the burden of compliance and collection of information
under section 195 of the Act.

The significant
changes under the amended Rules are:

Remmittace
Scheme (LRS) 


  •  No
    Form 15CA and 15CB will be required to be furnished by an individual for
    remittance which do not requiring RBI approval under its Liberalised Remmittace
    Scheme (LRS) 
  • Further the list of payments of specified
    nature mentioned in Rule 37 BB which do not require submission of Forms 15CA
    and 15CB has been expanded from 28 to 33 including payments for imports.
  • A CA certificate in Form No. 15CB will
    be required to be furnished only in respect of such payments made to
    non-residents which are chargeable to tax and the amount of payment during the
    year exceeds Rs. 5 lakh.

The amended
Rules will become applicable from 01.04.2016.

Notification
No. G.S.R. 978(E) dated 16th
December, 2015 is available on the website of the Department at www.incometax.gov.in.

  

(Shefali Shah)

Pr. Commissioner of Income Tax
(OSD)

Official Spokesperson, CBDT

 

No related posts.

Taxclick Team
This is the team of the finance profession who, update the site on daily basis. The team is also responsible for giving the update as earliest and also give the timely reply to the quires asked by the visitors. The team can be reached at info@taxclick.org.

1 thought on “Amendment in requirement of Form 15CA and Form 15CB w.e.f. 01.04.2016”

  1. Even after this procedure and amendment, many R B I authorised banks are not accepting / repatriating money under this L R S scheme asking many forms like 15 ca, 15cb . i sold my son’s property which be bought a flat in chennai through h d f c housing loan.. we have joint N R O AC. NO CAPITAL GAIN was arrived and a loss over rs 30 lacs. please advice

    Reply

Leave a Comment