What are the requirement 15CA/CB certificate?

kbadmin

2 years ago

15CA/CB certificate

15CA/CB certificate, The requirements for obtaining the 15CA and 15CB certificates vary based on the nature of the transaction and the guidelines set by the Indian tax authorities.

Here are the general requirements for each certificate:

Form 15CA Requirements:

1. PAN (Permanent Account Number):

The person making the remittance (remitter) must have a valid PAN issued by the Income Tax Department of India.

2. Tax Deduction and Collection Account Number (TAN):

If the remitter is liable to deduct tax at source (TDS), they must have a TAN.

3. Details of Remitter:

The remitter needs to provide their name, address, and contact information.

4. Details of Remittee:

Information about the non-resident or foreign entity receiving the payment needs to be provided, including their name, address, and country of residence.

5. Nature of Transaction:

The remitter must indicate the purpose of the remittance and select the appropriate category of payment from a predefined list.

6. Amount of Remittance:

The remitter must specify the amount being remitted.

7. Taxability:

The remitter must determine the taxability of the remittance and comply with the tax deduction or collection provisions as per the Income Tax Act.

Form 15CB Requirements:

1.Chartered Accountant Certification:

Form 15CB is issued by a Chartered Accountant (CA) after examining the relevant documents, verifying the tax compliance, and ensuring the appropriate

ness of the remittance.

2.Compliance with Tax Provisions:

The CA certifies that the remittance is in accordance with the provisions of the Income Tax Act and any applicable Double Taxation Avoidance Agreements (DTAAs).

3.Supporting Documents:

The CA may require supporting documents such as invoices, agreements, or other relevant paperwork to assess the nature of the transaction and ensure compliance.

It’s important to note that the specific requirements and procedures for obtaining the 15CA and 15CB certificates may change over time, and it’s advisable to consult with a qualified professional or refer to the latest guidelines from the Indian tax authorities for accurate and up-to-date information.

To visit: https://www.iometax.gov.in

FAQs

1.What is Form 15CA?

Answer: Form 15CA is a declaration require to be submit by individuals or entities making payments to non-residents under the Income Tax Act in India. It provides details of the payment and tax deducted at source (TDS).

2. What is Form 15CB?

Answer: Form 15CB is a certification issue by a Chartered Accountant confirming the tax compliance related to the payment being made to a non-resident. It is often submitted along with Form 15CA.

3. When is Form 15CA/CB require?

Answer: These forms are require when making payments to non-residents, such as foreign remittances, under the provisions of the Income Tax Act to ensure compliance with tax regulations.

4. Who needs to fill out Form 15CA?

Answer: The person or entity making the payment to a non-resident is responsible for filling out Form 15CA.

5. Who needs to fill out Form 15CB?

Answer: A Chartered Accountant needs to fill out and certify Form 15CB to confirm the tax status of the payment.

6. What information is required in Form 15CA?

Answer: Form 15CA requires details like the name and address of the remitter and recipient, PAN numbers, amount of payment, nature of payment, and details of TDS.

7. What information is require in Form 15CB?

Answer: Form 15CB requires information about the nature of payment, details of the remittance, applicable tax treaties, and confirmation that the tax obligations have been met.

8. Is Form 15CA/CB mandatory for all payments to non-residents?

Answer: Yes, for most payments to non-residents, Form 15CA and Form 15CB are mandatory unless the payment is cover by specific exemptions.

9. How are Form 15CA and 15CB submitted?

Answer: Form 15CA is file online through the Income Tax Department’s e-filing portal, while Form 15CB is typically submit in physical form to the bank or as part of the payment process.

10. What happens if Form 15CA/CB is not submit?

Answer: Failure to submit Form 15CA/CB may result in the payment being blocked or withheld by the bank, and the payer may face penalties for non-compliance.