15CA and CB certificate
The 15CA and CB certificate are documents required by the Indian government for certain types of international transactions.
Here’s an explanation of each certificate:
Form 15CA:
This form is a declaration of remittance under Section 195(6) of the Income Tax Act, 1961. It is require for any payment or transfer of money made to a non-resident or foreign entity that is subject to tax deduction or collection at source. Form 15CA is use to provide information about the nature of the transaction, the amount being remit, and the applicable tax provisions. It helps ensure compliance with Indian tax regulations and prevents tax evasion.
Form 15CB:
This form is a certification of remittance under Section 195 of the Income Tax Act, 1961. It is require when a payment or transfer of money to a non-resident or foreign entity exceeds a specified threshold.
As determine by the Indian tax authorities. Form 15CB is issue by a Chartered Accountant (CA) and verifies the tax compliance and appropriateness of the remittance. It certifies that the payment is in accordance with the provisions of the Income Tax Act and relevant Double Taxation Avoidance Agreements (DTAAs).
In summary, Form 15CA is a declaration form that provides information about remittances to non-residents, while Form 15CB is a certification form issue by a Chartered Accountant confirming the tax compliance of the remittance. Both forms are require for certain international transactions involving the transfer of money to non-resident individuals or entities, ensuring adherence to Indian tax regulations.
To visit: https://www.incometax.gov.in
