15CA 15CB filing

Description

15CA 15CB filing

15CA 15CB filing Filing Form 15CA and 15CB is a crucial process for individuals and entities making remittances to non-residents or foreign companies under the Income Tax Act, 1961 in India. Here’s a comprehensive guide to understand the significance and procedure of Form 15CA and 15CB filing:

1. Understanding Form 15CA and 15CB:

• Form 15CA: 15CA 15CB filing This form is a declaration of remitter and is required for making any payment to a non-resident.
• Form 15CB: It is a certificate of an accountant and is required to be obtained by the remitter from a chartered accountant (CA). This certificate validates that the remittance is in compliance with the provisions of the Income Tax Act and relevant Double Taxation Avoidance Agreements (DTAA).
• Applicability:
  • Form 15CA and 15CB filing is mandatory for any remittance or payment made to a non-resident or a foreign company, exceeding a specified threshold, as prescribed by the Income Tax Department.

  3. Purpose:

  • The primary purpose of Form 15CA and 15CB is to ensure that tax is deducted at source (TDS) wherever applicable on payments made to non-residents, and that the remittances are in compliance with the provisions of the Income Tax Act.

  4. Procedure for Filing:

  • Form 15CA: It can be filled online through the Income Tax Department’s portal. The form requires details such as remitter and remittee information, nature and purpose of remittance, taxability under relevant sections, etc. Form 15CA has various parts, each applicable to different types of payments.
  • Form 15CB: This form is to be obtained from a chartered accountant. The CA verifies the details of the remittance and issues Form 15CB certifying that the remittance is in accordance with the Income Tax Act and DTAA provisions.

FAQs on Form 15CA and 15CB Filing:

1. What is Form 15CA and 15CB?
   • 15CA 15CB filing Form 15CA is a declaration by the remitter while making payments to non-residents, and Form 15CB is a certificate issued by a chartered accountant certifying the nature and purpose of remittance.
2. Who needs to file Form 15CA and 15CB?
   • 15CA 15CB filing Any person or entity making a remittance to a non-resident or a foreign company exceeding specified thresholds as per the Income Tax Act needs to file Form 15CA and obtain Form 15CB.
3. What are the thresholds for filing Form 15CA and 15CB?
   • The thresholds vary depending on the nature and purpose of the remittance. Different thresholds are prescribed for different types of payments under the Income Tax rules.
4. Can Form 15CA and 15CB be filed offline?
   • No, Form 15CA is filed online through the Income Tax Department’s portal. However, Form 15CB is obtained offline from a chartered accountant.
5. What details are required in Form 15CA?
   • Form 15CA requires information such as the remitter and remittee details, nature and purpose of remittance, taxability under relevant sections, and other particulars related to the transaction.
6. Is it mandatory to obtain Form 15CB?
   • Yes, obtaining Form 15CB from a chartered accountant is mandatory for most remittances. It certifies the compliance with the Income Tax Act and Double Taxation Avoidance Agreements (DTAA).
7. What happens if Form 15CA and 15CB are not filed?
   • Non-compliance with Form 15CA and 15CB filing may attract penalties and consequences under the Income Tax Act, including disallowance of expenses and penal provisions.
8. Can Form 15CA and 15CB be revised?
   • No, once filed, Form 15CA and 15CB cannot be revised. It’s crucial to ensure accuracy and completeness while filing these forms.
9. Are there any exemptions from Form 15CA and 15CB filing?
   • Certain exemptions and relaxations are provided under the Income Tax Act for specified types of payments or remittances. However, it’s essential to verify the applicability of such exemptions.
10. Where can I get professional assistance for Form 15CA and 15CB filing?
    • 15CA 15CB filing You can seek assistance from chartered accountants, tax consultants, or professionals well-versed in Income Tax regulations to ensure accurate filing and compliance with the law.

*Process of Work*

• Documentation
• Verification
• Client Confirmation
• Modification and Confirmation
• Application Filed
• Government Approval / Tax Payment
• Work Completed
• All Document shared to Client On Mail and WhatsApp

Sources : https://cleartax.in/s/filing-e-form-15ca-and-15cb

For More Information : https://taxgyany.com/product/15ca-15cb-filing/