<\/p>\n

Section 195 of the Income-tax
\nAct (\u2018the Act\u2019)empowers the Central Board of Direct Taxes to capture
\ninformation in respect of payments made to non-residents, whether chargeable to
\ntax or not. Rule 37 BB of the Income-tax Rules has been amended to strike a
\nbalance between reducing the burden of compliance and collection of information
\nunder section 195 of the Act.<\/p>\n

The significant
\nchanges under the amended Rules are:<\/p>\n

Remmittace
\nScheme (LRS) <\/p>\n

<\/span><\/p>\n

\n
•  No
  \nForm 15CA and 15CB will be required to be furnished by an individual for
  \nremittance which do not requiring RBI approval under its Liberalised Remmittace
  \nScheme (LRS) <\/li>\n
• Further the list of payments of specified
  \nnature mentioned in Rule 37 BB which do not require submission of Forms 15CA
  \nand 15CB has been expanded from 28 to 33 including payments for imports.<\/li>\n
• A CA certificate in Form No. 15CB will
  \nbe required to be furnished only in respect of such payments made to
  \nnon-residents which are chargeable to tax and the amount of payment during the
  \nyear exceeds Rs. 5 lakh.<\/li>\n<\/ul>\n

  <\/p>\n

  The amended
  \nRules will become applicable from 01.04.2016.<\/p>\n

  Notification
  \nNo. G.S.R. 978(E) dated 16^{th<\/sup>
  \nDecember, 2015 is available on the website of the Department at www.incometax.gov.in.<\/p>\n}

    <\/p>\n

  (Shefali Shah)<\/strong><\/p>\n

  Pr. Commissioner of Income Tax
  \n(OSD)<\/strong><\/p>\n

  Official Spokesperson, CBDT<\/strong><\/p>\n

   <\/p>\n","protected":false},"excerpt":{"rendered":"

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated: 17th December, 2015   The significant changes under the amended Rules are: The amended Rules will become applicable from 01.04.2016.    Pr. Commissioner of Income Tax (OSD) Official Spokesperson, CBDT  <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[83],"class_list":["post-144","post","type-post","status-publish","format-standard","hentry","category-income-tax","tag-15ca"],"yoast_head":"\n