#FORM 15CB

[taxationplanning]

Form 15CB: CA is Not Required To Check Genuineness Of Documents For Issuing Form 15CB: Madras High Court

Form 15CB: CA Is Not Required To Check Genuineness Of Documents Form 15CB Case: Murali Krishna Chakrala vs The Deputy Director, Directorate of Enforcement Judgement in Short: Even on a demurrer, on a perusal of Form 15CB, we find that a Chartered Accountant is required to only examine the nature of the remittance and nothing more. The Chartered Accountant is not required to go into the…

[taxvic-india]

Filing Form 15CA and 15CB: Essential Information for NRIs

Are you a Non-Resident Indian (NRI) receiving income from India? If so, you might encounter Form 15CA and 15CB during your financial transactions. Understanding these forms and when to file them is crucial for NRIs to comply with Indian tax regulations.

[taxmill1995]

Any transfers that a resident receives to a non-resident must be reported according to the Income Tax Act. The principle behind tax deduction and the filing of taxes is to ensure that taxes are collected on time. Form 15CA is a declaration by an individual returning the money that he notices that the non-resident has withheld the tax.

[seocaonweb-blog]

Foreign Remittance Certificate in Form 15CA & 15CB

Form 15ca cb procedure can be completed online. Go online, Find Chartered Accountant- must be from trustworthy sources such as Caonweb, caservices online. Request for a call back or write to them. Once you get advice on required information. You can share documents on email and receive certificates online.

[akgvgassociates]

Short guide on the filing of form 15CA

Completing and filing the 15CA form can be confusing and time-consuming, especially for those without expertise in tax matters. But with the help of a tax consultant, you can make the process much more manageable and straightforward. Read More: Short guide on the filing of form 15CA

[taxgoal]

How to File Form 15CA and 15CB in Delhi

Filing Form 15CA and Form 15CB is essential for remitting foreign payments under the Income Tax Act. In Delhi, Taxgoal provides expert services to guide individuals and businesses through the process, ensuring compliance with tax regulations. Contact Taxgoal for efficient filing and accurate documentation support for 15CA and 15CB. Contact us (+91 9138531153) today for Form 15 CA - 15 CB Filing Near Me.

[ushmaassociates]

Form 15ca and 15cb when NRIs want to repatriate their own funds from an NRO to NRE/Foreign account.

[alishajoy059]

Major Compliance Requirements Under Income Tax India: A Complete Guide

Navigating India's complex income tax system requires strict adherence to various compliance requirements. This guide covers the essential compliance obligations for businesses and individuals, ensuring that taxpayers understand their responsibilities and avoid penalties.

1. Filing of Income Tax Return (ITR)

All taxpayers, including individuals, firms, and companies, are required to file their Income Tax Return (ITR) annually. Depending on the type of taxpayer, different forms apply:

ITR-1 (Sahaj): For individuals with income from salary, house property, and other sources.

ITR-2: For individuals and HUFs not having income from business or profession.

ITR-3: For individuals and HUFs with income from business or profession.

ITR-4 (Sugam): For those under the presumptive taxation scheme.

Returns are typically filed between July and September of the assessment year.

2. Advance Tax Payment

Those with significant income beyond their salary must pay advance tax in four installments throughout the year:

15% by June 15.

45% by September 15.

75% by December 15.

100% by March 15.

Failure to do so results in penalties under Sections 234B and 234C.

3. Tax Deduction at Source (TDS)

Employers, businesses, and other entities must deduct TDS for specific payments like salary, rent, and contractual payments. TDS should be deposited within the prescribed deadlines, with quarterly returns filed using:

Form 24Q for salary payments.

Form 26Q for non-salary payments.

Form 27Q for payments to non-residents.

4. Tax Audit (Section 44AB)

Businesses and professionals with turnover above specific thresholds must undergo a tax audit. This ensures that the accounts conform to tax laws and accurate tax liability is computed. The tax audit report is filed along with the income tax return.

5. Maintenance of Books of Accounts

Businesses and professionals are required to maintain detailed books of accounts if their turnover or income exceeds certain limits. Proper accounting helps ensure accurate tax calculations and compliance during audits.

6. Form 15CA/15CB for Foreign Payments

Payments to non-residents may require filing Form 15CA and 15CB. This ensures that any applicable tax is deducted before remitting payments overseas.

7. Furnishing of PAN

PAN is mandatory for numerous financial transactions, such as property purchases, mutual fund investments, and bank deposits. Failure to provide PAN may result in higher tax deductions or penalties.

8. Annual Information Return (AIR)

High-value transactions like property purchases, large deposits, or expensive credit card payments must be reported by financial institutions in the Annual Information Return (AIR). This helps the Income Tax Department detect unreported income.

9. Responding to Tax Notices

Taxpayers may receive notices for various reasons such as discrepancies in returns or scrutiny assessments. Timely responses to these notices are crucial to avoid penalties or legal action.

10. Transfer Pricing Compliance

Companies engaged in international transactions with related entities must comply with transfer pricing regulations to ensure transactions are at arm’s length. This includes filing Form 3CEB and maintaining documentation.

Conclusion

Being compliant with India’s income tax laws involves meeting various deadlines, maintaining accurate records, and understanding specific obligations. By staying informed and following these key requirements, taxpayers can avoid penalties and legal consequences.

[ebizfilingindia-blog]

All You Need To About Form 15CA and Form 15CB

Introduction

In the course of business, it happens that many payments are made outside India. When payments are made outside India, there are certain compliances that need to be followed and tax deduction is required for any amount that is taxable under the Income Tax Act. The purpose of this compliance is to collect information regarding payments that are chargeable to tax in the hands of recipient NRIs. An NRI is required to file Form 15CA and Form 15CB for any payment made outside India. Form 15CB along with Form 15CA needs to be filed online on the official website of the Income Tax Department.

What is Form 15CA?

Form 15CA is a declaration made by the remitter stating that he has deducted tax from any payment made to a non-resident. Form 15 CA needs to be filed by the remitter — the person making the payment to the NRI or foreign company. It is also used as a tool to collect information regarding payments that are chargeable to tax.

Through Form 15 CA, the Income Tax Department keeps track of all foreign remittances/payments and also their taxability. As per Income Tax Rule 37BB, it is the responsibility and duty of authorized banks or dealers to ensure that they receive such forms from the remitter. Income Tax Form 15 must be filed online in CA Income Tax Department. Also, along with Form 15 CA, 15 CB needs to be filed with the Income Tax Department. However, Form 15CB must be accompanied by an accountant’s certificate in Form 15CB.

What is Form 15 CB?

While Form 15 CA is a declaration, Form 15 CB is a certificate issued by a chartered accountant. A Chartered Accountant has to ensure that all the provisions of the Income Tax Act and Double Taxation Avoidance Agreement are complied with in respect of tax deduction while making payments.

What is the applicability of Form 15CA and Form 15CB?

If the remittance amount is not chargeable to tax, no form is required.

If the remittance is covered under the specified exemption list, only Part D of Form 15CA has to be submitted.

Where the remittance is less than Rs. 5 lakhs in a particular financial year — only Form 15CA — Part A is to be submitted.

Where the remittance is exceeded to Rs. 5 lakh — Form 15CA — Part C and Form 15CB have to be submitted.

Where the remittance is exceeded to Rs. 5 lakhs and certificate under Section 195(2)/195 (3)/197 of Income Tax has been obtained — Form 15CA — Part B is to be submitted.

Redesigned Form 15 CA and Form 15 CB submission process

The IT Department has launched a new redesigned submission process for Form 15 CA and Form 15 CB. This decision has been taken based on various responses from corporates and professionals across India. It is believed that these changes will simplify the entire Form 15 CA and Form 15 CB filing cycle from form preparation to submission to verification process. Let’s look at the significant changes in the process.

For multiple filing of Form 15CA/CB, it is no longer mandatory or necessary to assign the same CA in a particular financial year.

Hence, appointment of Chartered Accountant for Form 15 CB is a one-time activity for a particular financial year.

A CA can now proceed with Form 15 CB for both the remitee and the remitter without the need for the taxpayer to fill up Part C of Form 15 CA and submit it to a Chartered Accountant, after a single assignment is made in a year. Hence, here the earlier process of multiple acceptance and rejection for each form is eliminated and the entire process is simplified.

Chartered Accountants can now access Form 15CB directly from IT Forms functionality for filing instead of work list for action.

The offline/bulk mode of submission process has been enabled from 4th October. Taxpayer can generate XML files using Java-based offline utility. The offline utilities are available on the portal in the “Download” section under the “Income-Tax Forms” page and upload it to the portal for further filing. A new online process will start soon on the portal.

Stay tax-savvy! Know the last date for filing income tax return in India. Timely filing ensures compliance and avoids penalties. Don’t miss out — file on time for a stress-free tax season!

Conclusion

The process of filling Form 15 CA and 15 CB, if understood properly, is not as complicated and tedious as it seems. On top of that, the simplification in the process introduced by the Income Tax Department makes it easier for the taxpayer to follow the procedures. In addition, it also provides an option to withdraw Form 15 CA and 15 CB and gives an opportunity to withdraw these forms when required.

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Compliances to Be Made in Respect of Foreign Remittances

The Income Tax Lawrequires authentication of foreign remittances (payments) made to a Non-Resident or Foreign Company, for any amount which is taxable as per the existing laws. For this purpose, certain rules and guidelines have been framed by the Income Tax Act.

> As per Section 195, every person making a payment to Non-Residents (not being a Company), or to a Foreign Company shall deduct TDS if such sum is chargeable to Income Tax and the details are required to be furnished in Form 15CA.

> A person responsible for making such remittance (payment) has to submit the form 15CA, before remitting the payment. This form can be submitted both online and offline mode. In certain cases, a Certificate from Chartered Accountant in form 15CB is required before uploading the form 15CA online.

Form 15CB is the Tax Determination Certificate where a Chartered Accountant determines the taxability of the remittance as per Income tax Act along with the provisions of Double Tax Avoidance Agreement with the Recipient’s Residence Country. If the remittance is taxable, then the same shall be remitted only after deduction of withholding tax (ie, TDS).

The information provided in Form 15CB mainly includes the details of the remitter, details of the remittee, nature of remittance (whether salary, commission, royalty etc) as per agreement between the two parties, Bank details of the remitter and Tax Residency Certificate from the remitter if DTAA (Double Taxation Avoidance Agreement) if applicable.

Banks require these certificates before they make any remittance outside India.

Following documents are required for filing Form No. 15CA:

> Invoice

> Tax residency certificate (TRC)

> Form No. 10F

> Certificate that proves the Remittee does not have any permanent establishment within India.

Purpose of Form 10F

Form 10F is essentially a self-declaration that non-resident taxpayers are required to submit alongside their Tax Residency Certificate. This document holds paramount importance as it enables non-residents to avoid Tax Deducted at Source (TDS) on income earned from India.

Under the provisions of the Income Tax Act, non-resident individuals or entities can only avail of tax treaty benefits if they possess a valid tax residency certificate from their home country. If this certificate lacks crucial information, non-residents are compelled to submit a manual Form 10F, which can be a cumbersome process.

The CBDT had in July 2022 made electronic filing of Form10F mandatory.

To overcome the challenge of obtaining a PAN in India just for filing Form 10F, the CBDT came up with certain relaxations, wherein an exemption was provided to non-residents not having a PAN and not needing to obtain a PAN in India to continue furnishing Form 10F in self-certified manual format till 30 September 2023.

Recently, on the expiry of the exemption period, the Income-tax department has now enabled a new category while registering on the income tax portal, i.e., ‘non-residents not having a PAN and not required to have a PAN‘.

The elimination of the PAN requirement for Form 10F filing is a positive step towards making tax matters more accessible for NRIs.This change represents a significant stride in the direction of simplifying tax matters for non-resident Indians, making it easier for them to manage their financial affairs in the country.

Further clarification from the authorities regarding tax return obligations and digital signatures are awaited.

VBV Associates, Tax Consultants in Ernakulam offers outstanding services including Audit & Assurance, Tax Consulting, Accounting, and Corporate Law Advisory services. Connect with us to know more in detail.

[propertyexperttips]

TDS on property on NRI| Section 195! Tax Saving for NRI | Exemption for NRI | Lower Tax Certificate

\What is the TDS on sale of property by NRI in India?1

As an NRI, if you sell a property in India, the buyer deducts 20% as Tax Deducted at Source (TDS) as Long Term Capital Gains Tax for properties sold after two years. For properties sold before 2 years, the TDS rate is 30%, deducted as Short Term Capital Gains Tax.

Tax deducted at source (TDS)*

When a resident buys property from an NRI, she/he must deduct TDS at 20% if the property has been held for more than two years and at 30% if the property is being sold within two years. The deduction must include TDS plus surcharge, health and education cess3 .

Ready reckoner for LTCG TDS rates

Properties valued less than INR 50 lakh: Total tax 20.8% (including surcharge and cess)

Properties valued between INR 50 lakh and INR 1 crore: Total tax 22.88%

Properties valued above INR 1 crore: Total tax 23.92%

W.e.f. FY 2018-19,  the finance ministry has announced a higher surcharge on properties valued above INR 2 crore. The applicable LTCG TDS rates are 25% and 37% for properties valued above INR 2 crore and INR 5 crore respectively.

TDS at a lower rate

If tax deducted at source is more than your tax liability, then you can opt for a tax refund at the end of the year for the excess TDS. However, if you wish to avoid this cumbersome process, you can apply for a certificate that allows you to file for a lower TDS rate4 . Please note that you must apply before you execute the sale agreement. The assessing officer will determine the TDS after calculating the capital gains. This will put the money in your hands instantly instead of waiting for a refund.

Tax exemption

Capital gains made through the sale of a property can be reinvested in India to reduce tax liabilities. If you invest the capital gains in buying another property within two years, then the profit generated from the sale is exempted from tax. Similarly, under section 54EC, you can invest the profit from the sale of property in Capital Gains Bonds within six months to get an exemption. These bonds offer an interest rate of around 5.75% p.a.* and have a lock-in of five years.5

Repatriation of funds

If you wish to repatriate the proceeds from the sale of a property, you will need to submit Forms 15CA and 15CB. While you can fill out and submit Form 15CA yourself, Form 15CB has to be signed and submitted by a chartered accountant. You can repatriate up to USD 1 million a year outside India.

[guptachandanassociates]

CA not expected to check genuineness of documents submitted by client while issuing Form 15CB

CA not expected to check genuineness of documents submitted by client while issuing Form 15CB

 ​    Case Details: Murali Krishna Chakrala … Continue reading “CA not expected to check genuineness of documents submitted by client while issuing Form 15CB” The post CA not expected to check genuineness of documents submitted by client while issuing Form 15CB appeared first on Taxmann Blog.  Case Details: Murali Krishna Chakrala Vs. The Deputy Director, Directorate of Enforcement – [2022] 145…

[akgvgassociates]

Form 15CB: Meaning & necessity

Form 15CB is a critical document required under the Indian Income Tax Act and its regulations, used to calculate the tax liability on income earned from outside India. As a business owner, it’s vital to clearly understand Form 15CB and the role a tax consultant can play in helping you comply with this form. Read More:  Form 15CB: Meaning & necessity

[taxgoal]

How to File Form 15CA and Form 15CB of Income Tax in Delhi

When it comes to international remittances, the Income Tax Department of India requires individuals and businesses to file Form 15CA and Form 15CB. These forms are crucial for reporting payments made to non-residents, ensuring tax compliance, and avoiding penalties. However, navigating through the filing process can often be confusing for those unfamiliar with the procedures. In this article, we will guide you step-by-step on how to Form 15 CA - 15 CB Filing Delhi, and discuss how Taxgoal’s filing services can make the process easier and more efficient.

What is Form 15CA and Form 15CB?

Before diving into the filing process, it’s essential to understand the purpose of these forms.

Form 15CA Form 15CA is a declaration that an individual or business must submit to the Income Tax Department when making a remittance to a foreign country. It ensures that the payer has complied with the necessary provisions of the Income Tax Act regarding tax deduction at source (TDS) and that the payment is not subject to tax in India. Additionally, it is required for remittances above a certain threshold limit.

Form 15CB Form 15CB is a certificate issued by a Chartered Accountant (CA). This certificate confirms that the applicable TDS has been deducted and deposited with the government before making a foreign payment. It serves as a verification of the tax compliance related to the remittance. Without Form 15CB, Form 15CA cannot be filed.

Step-by-Step Process of Filing Form 15CA and Form 15CB in Delhi

Now, let’s take a detailed look at the steps involved in filing Form 15CA and Form 15CB in Delhi. Understanding these steps will help you ensure that the process goes smoothly.

Step 1: Determine If You Need to File These Forms

Before proceeding with the filing process, you must first confirm whether the payment you are making requires the submission of Form 15CA and Form 15CB. Generally, these forms are required for remittances made to non-residents, such as:

Payments for services rendered outside India

Foreign investments or capital payments

Remittances for foreign scholarships, etc.

However, if the payment is made to a resident or if the remittance falls under the specified exempt categories, filing these forms is not necessary.

Step 2: Obtain Form 15CB from a Chartered Accountant (CA)

Once it is established that you need to file these forms, the next step is to obtain Form 15CB from a Chartered Accountant in Delhi. For this, a CA will examine the remittance details and verify whether the TDS has been deducted correctly as per the Income Tax Act.

Moreover, the CA will also ensure that the provisions of the Double Taxation Avoidance Agreement (DTAA), if applicable, are complied with. Upon verification, they will issue the Form 15CB certificate, which is required for filing Form 15CA.

Step 3: Complete Form 15CA

After obtaining Form 15CB, you can proceed to fill out Form 15CA. This form must be filed electronically through the Income Tax Department’s online portal. To complete the form, you will need the following information:

Remitter’s details (name, PAN, address, etc.)

Beneficiary’s details (name, address, country, etc.)

Purpose of remittance

Details of the remittance (amount, payment method, etc.)

TDS details and the Form 15CB certificate

Once you have filled out all the necessary fields, submit the form online. Upon successful submission, an acknowledgment will be generated, which you should keep for your records.

Step 4: Filing Form 15CA with the Income Tax Department

Form 15CA must be filed before remitting the amount to the non-resident. If you have all the details and the CA has issued the Form 15CB certificate, you can submit Form 15CA on the Income Tax portal. Once filed, you will receive a confirmation receipt.

Additionally, you must keep a copy of this acknowledgment and present it to the remitting bank or financial institution to ensure that the payment is processed.

Step 5: Track the Remittance Process

After the forms have been submitted, ensure that the remittance is processed without any issues. In case the tax authorities raise any objections or need more information, you may be required to submit additional documents.

Therefore, it’s important to maintain proper records of the entire process, including Form 15CA, Form 15CB, and the remittance receipts, to avoid any complications in the future.

Why Use Taxgoal for Form 15CA and Form 15CB Filing Services in Delhi?

Taxgoal offers expert services for filing Form 15CA and Form 15CB in Delhi, helping businesses and individuals comply with the income tax regulations. Here are some reasons why Taxgoal’s services stand out:

Expert Guidance Filing these forms can be complicated. Fortunately, Taxgoal’s team of experts will guide you through the entire process to ensure accuracy and compliance.

Faster Processing Taxgoal has extensive experience in filing these forms. As a result, they can process your filing quickly, reducing the chances of delays or errors.

Transparent and Reliable Services With Taxgoal, you can rest assured that the filing process will be handled with complete transparency and in accordance with all legal requirements.

Comprehensive Support In addition, Taxgoal provides comprehensive support in case you need to address any issues or queries related to your form submissions.

Key Benefits of Filing Form 15CA and Form 15CB Accurately

Filing these forms accurately provides several advantages, including:

Avoiding Penalties: Non-compliance with the tax filing requirements can lead to penalties or legal complications. Therefore, filing Form 15CA and Form 15CB ensures that you remain compliant with tax laws.

Faster Remittance: Properly filed forms speed up the process of remittance, avoiding delays and ensuring smooth transactions.

Tax Benefits: Filing these forms correctly can help you benefit from any applicable exemptions or lower tax rates under the Double Taxation Avoidance Agreement (DTAA).

Transparency in Transactions: Proper documentation through these forms ensures transparency in international payments and keeps a clear record of financial transactions.

Conclusion

In conclusion, filing Form 15CA and Form 15CB is essential for anyone making payments to non-residents in India. As we have seen, the process involves several steps, but it can be made easier with the right guidance and support. Taxgoal, with its expertise in tax filing services, can ensure that your remittance process is seamless and tax-compliant.

Moreover, with the right steps and a professional Income Tax filing service Delhi, you can avoid penalties, expedite your remittance, and maintain transparency in your international financial transactions.

[ushmaassociates]

15ca and 15cb certificates

Ushma & Associates provides expert assistance in obtaining 15CA and 15CB certificates for repatriation of funds from India. Our team ensures compliance with Indian tax laws, accurately preparing the required forms for smooth and hassle-free remittances abroad.

site : https://ushmaassociates.com/15ca-15cb-assistance/