15CA 15CB Certificate

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15CA Certificate
We will provide the 15 CA Certificate
15 CB Certificate
We will provide you 15CB Certificate
Submission of Final Certificate
Submit it in Income tax department website
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What is form 15CA 15CB certificate?

This is a form required to report Income tax Department for making any remittance to a Non Residence or a foreign company.
The form is not required where remittance is made by an individual and it do not require RBI approval as per provisos of Sec 5 of RBI Act and if the remittance is of the nature specified in Rule 37BB of Income Tax act."

When is 15ca-15cb required to be filed?

A person making the remittance (a payment) to a Non Resident or a Foreign Company has to submit the form 15CA to the bank and 15CB will only be required for payments made to non-residents, which are taxable and if the payment exceeds Rs. 5 lakhs. This certificate confirms compliance of the Double Tax Avoidance agreement and IT Act.

Penalties for Non-filing of 15ca-15cb

Penalty of Rs.1 lakh for each default of non-filing for forms 15CA/CB will be applicable. An option for withdrawal of Form 15CA shall be available before payment.

Withdrawal of Form 15CA

An option for withdrawal of Form 15CA shall be available before payment. Form 15CA can be withdrawn within 7 days of submission of the online form. The link to withdraw the form will be available on the website of the Assesses concerned.

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Documents Required For 15CA 15CB Certificate

Proprietor

  • PAN (Permanent Account Number) of all proposed directors (Self attested)
  • Identity Proof (Voter Id, Passport, Driving License) of all proposed Directors. (Self attested)
  • Latest passport size Photographs of all directors.
  • Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement not older than 1 Month (Self attested)

One Person Company

  • PAN (Permanent Account Number) of all proposed Share Holders (self attested)
  • Identity Proof (Voter Id, Passport, Driving License) of all proposed ShareHolders (Self attested)
  • Latest passport size Photographs of all Share Holders.
  • Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement not older than 1 month (Self attested)

Private Limited

  • Electricity Bill along with Rent Agreement OR Ownership proof and NOC

Public Limited

  • INC 14
  • INC 15
  • Projected Income and Expenditure Account
  • Grounds for making application

Partnership Firm

LLP

NGO

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Purpose of this requirement

Key purpose is to collect the taxes at a stage when the remittance is made as it may not be possible to collect the tax from the Non-Resident at a later stage.

Process simplification

Earlier process involved furnishing a certificate in a prescribed form of RBI. Now it is through e-filling removing processing time and ease of submission. Some nature of payments are excluded and also requirement of CA certificate and is only required when payment is more than Rs. 5 lacs and not covered under Sec 195 / 197 of IT act.

Bankers Requirement.

Due to lack of clarity and exemption given, often bankers seeks these forms even when they are not required. If you need more clarity, please take a small consultation with us and we will guide you.

Liberalized Remittance Scheme (LRS).

Under this scheme except few restriction on purpose and destination country, an individual can remit to the tune of USD 250,000 in a year without any approval. A separate Form A2 will be required by the authorized agent transferring the fund.

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Now, more than ever, the world needs entrepreneurs. They are the ones who take risks to achieve their dreams. They have the power and courage to change lives.


But here is the biggest challenge entrepreneurs face!

It's tough to know where to start, what resources are available, and how to take the business idea from concept to reality.

The journey is full of challenges , there is a lot of competition, and the odds are stacked against survival.

Keeping entrepreneurial moral is difficult, statistics say over 80% entrepreneurs quit within the first two years.


FoundersCart was created by a team of Chartered Accountants with an Idea to help entrepreneurs overcome these challenges.
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Frequently asked questions

Whether Form 15CA has to be submitted in all cases since the Bankers demand it invariably?

As can be seen from the form that it needs to be filled only if remittance is chargeable to tax in India. The bankers may seek clarification why it is not taxable in India. Further if the purpose is as defined in Rule 37BB, then it is not required.

What stand customer can take if Bank demand Form 15CA but service is not taxable?

The possible recourse is to submit a declaration in form of a note to Bank statin the nature of remittance and reason as to why it is not taxable in India or show evidence if it falls under 37BB

Documents Required for 15CA and 15CB

1. Details of Remitter like Name, Address PAN, Principal place of business etc. 2. Details of Remittee like Name and status, Address, country etc. 3. Details of remittance like, Country, currency Invoice for which payment is to be made, etc. 4. Details of bank account of remitter. Name, Branch and BSR code. 5) Form 10F duly filed by authorized person of the Remittee. 6) Tax residence certificate of the Remittee. 7) No PE Declaration from Non Resident ( if applicable) 8) Digital Signature of Remitter.

What is 15CA and 15CB and why are they Required

15CA is a mechanism to collect information by Income Tax Department for payments made abroad. 15CB is a certification by Chartered Accountant for authenticity of data filled and to prevent evasion of Tax.

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