Form 15CA is a declaration form required by the Indian government for certain remittances made by residents of India to non-residents. It is used to ensure that appropriate taxes deduct and pay to the government before the funds are transferred abroad. 15CA definition
When an Indian resident makes a remittance to a non-resident, they are required to fill out Form 15CA. This form captures important information about the remittance. Such as the purpose of the payment, the taxability of the transaction, and the applicable tax rates. It helps the government monitor cross-border transactions and prevent tax evasion.
For more information to visit: https://www.incometax.gov.in
Form 15CA is submit electronically through the Income Tax Department’s online portal. Before submitting the form, the individual making the remittance must obtain a certificate from a chartered accountant (Form 15CB) certifying the details of the payment and ensuring compliance with Indian tax laws.
The purpose of Form 15CA is to ensure transparency and accountability in cross-border transactions and to ensure that the appropriate taxes can deduct and pay. It is an important compliance requirement for residents of India when making remittances to non-residents.
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