At Ahuja & Ahuja Chartered Accountants, we provide comprehensive services for Filing of Forms 15CA-15CB, which are important tools for collecting information concerning payments in respect of incomes chargeable to tax in the hands of non-resident recipients. Our expert and experienced Chartered Accountants have industry experience of over two decades in serving clients in NCR region of New Delhi, Noida, Gurugram (Gurgaon), and Greater Noida.
What Are Forms 15CA and 15CB?
Forms 15CA and 15CB are important documents used to track foreign remittances and determine the nature of tax liability. Form 15CA is a declaration of remittance and is filed by a person who intends to make remittance. On the other hand, Form 15CB is a type of certification where a Chartered Accountant (CA) certifies the details of the payment, TDS rate, TDS deduction, and other details of nature and purpose of remittance.
Applicability of Forms 15CA and 15CB
Form 15CA is applicable for remittances made to a foreign company or a non-resident, by a remitter who can be a foreign company/ domestic company/ resident/non-resident, and if the amount of remittance is chargeable to tax. On the other hand, Form 15CB is required to be filed by a CA when remittance is made to a foreign company or a non-resident and is taxable, the payment exceeds INR 5 lakhs, or a certificate for no deduction or any such order has not been received from the Assessing Officer.
Guidelines to the Filing Process
Based on the feedback provided by diverse experts and corporations across India, the Income Tax Department has re-engineered both the forms that clarify the preparation, submission, assignment, and verification process of the complete filing cycle. If you are curious about the 15CA-CB filing process, the following pointers might be helpful.
The filing process can be done online. After filing the forms online, you need to print out the proof of the online submission. This copy is to be given to the bank. This copy is proof of tax clearance from the Income Tax Department.
To file Form 15CA, follow these steps:
Step 1: Visit the official Income Tax e-filing portal and log in using your valid credentials.
Step 2: Select a file from the menu and click on Income Tax forms.
Step 3: In the drop-down list named ‘Form Name,’ select Form 15CA.
Step 4: From the ‘Select a relevant part from drop option,’ select the required section.
Step 5: Fill in the selected part of the form and click on the ‘submit button.
Step 6: Fill the verification section of the respective parts of Form 15CA.
Note: You have to upload Form 15CB before filling part C of Form 15CA as you require the acknowledgement number of Form 15CB. If the procedure seems complex, you can hire a 15CA CB filing expert.
Form 15CB is a necessary document that must be filed by a Chartered Accountant for payments made to non-residents that are taxable and exceed INR 5 lakhs. To file this form, follow these steps:
Step 1: Visit the official Income Tax e-filing portal and navigate to the ‘Downloads’ tab.
Step 2: Complete the ‘add CA’ requirement under the ‘My Account’ tab.
Step 3: Enter the CA’s membership number and select Form 15CB.
Step 4: Once registered, download the Form 15CB Utility from the ‘Downloads’ page, as the .xml file needs to be uploaded for successful submission.
Step 5: Click on the ‘e-file’ tab and select ‘Upload Form’ from the drop-down menu to upload the .xml file prepared offline.
Step 6: After uploading the file, press the submit button. Once the submit button is pressed, a success notification will be sent to the CA, along with a confirmation email sent to their registered email ID. It’s important to note that a Digital Signature Certificate is required when filing Form 15CB.
In addition, it’s essential to maintain compliance with the revised rules for submitting forms 15CA and 15CB. Form 15CA Part A is required for payments made below INR 5 lakhs, whether taxable or not, while Part B and C are necessary for payments that exceed INR 5 lakhs. Part D of Form 15CA is necessary for payments that aren’t chargeable to tax under the IT Act.
At Ahuja & Ahuja Chartered Accountants, we have the expertise to help you with the filing process of Forms 15CA-15CB. Our team can assist you with the preparation, submission, assignment, and verification process of the complete filing cycle to ensure that you remain compliant with the Income Tax Act. Contact us today to learn more about our services.
Frequently Asked Questions (FAQs) on Form 15CA-CB:
Can Form 15CA be withdrawn?
No, once filed, Form 15CA cannot be withdrawn.
Can I file Form 15CA online only? When should I file this form?
Form 15CA can be filed both online and offline. The Offline Utility service enables you to file Form 15CA in offline mode. There is no time limit prescribed to file this form. However, it should be filed before remitting the funds.
What are the common details in Form 15CA?
The common details required to be filled in Form 15CA include the name, address, and contact information of the remitter and remittee, residential status of the remitter, PAN of the remitter and remittee (if available), country to which remittance is made, details of remittance, and details of TDS.
Who can file Form 15CB?
Form 15CB is accessed and filed by a Chartered Accountant registered on the e-filing portal. The Chartered Accountant must be assigned Form 15CA by the assessee in order to be able to certify the details in Form 15CB.
How is Form 15CB verified? What is the time limit to file this form?
Form 15CB can be e-verified using DSC only. The DSC of the CA must be registered on the e-filing portal. There is no time limit prescribed to file Form 15CB. However, it should be filed before the remittance is made.
What is the purpose of filing Forms 15CA-CB?
The purpose of filing Forms 15CA-CB is to provide all the necessary declarations and information towards tax payment (if any) required by all banks before proceeding with repatriation.
When is Form 15CB required to be filed?
Form 15CB is required to be filed for payments made to non-residents if the payment is taxable and exceeds rupees 5 lakhs.
When is Part A of Form 15CA required to be filed?
Part A of Form 15CA is required to be filed when the payment made is below 5 lakh, whether taxable or not.
When is Part B and C of Form 15CA required to be filed?
Part B and C of Form 15CA are necessary when the payment made exceeds 5 lakh.
When is Part D of Form 15CA required to be filed?
Part D of Form 15CA is essential when the payment made is not chargeable to tax under the Income Tax Act.
What should I do if I find the filing process complicated?
If you find the filing process complicated, you can consider hiring a consultant for 15CA-CB filing. You can also reach out to us at email@example.com for assistance in filing Forms 15CA and 15CB.