Direct Tax amendments-15CB, 15CA procedures updated

The Central Board of Direct Taxes (CBDT) has issued a Notification no. 93/2015, dated December 16, 2015, revising the rules for any one making a payment to an NRI or remitting money outside India or transferring from NRO to NRE account. These changes makes money transfer practical and reasonable. 

The important amendments include-

·   Form 15CA and 15CB will not be required for any payments included in the specific list, and the nature of payment in the specified list has been increased from 28 to 22, which includes payments for imports, savings and family maintenance.  

·      These forms are not required form any payment by an individual for remittance that do not required RBI approval under its Liberalized Remittance scheme.

·         The revised form 15CA has four parts now, which has to be submitted if it meets the specified circumstances-

1.      Part A: For any payment chargeable tax if the aggregate of such payments during the year does not exceed Rs. 500,000

2.      Part B: This is to be submitted if the payment exceeds Rs. 500,000, or in an order from the Assessing Officer is obtained.

3.      Part C: Part C of Form 15CA is to be submitted along with Form 15CB for payments that is (i) chargeable to tax (ii) amount payment of sum of payment exceeds Rs. 500,000 during the years, and (iii) order or certificate form Assessing Officer is not obtained.

4.      Part D: Part d of Form 15CA is to be submitted for payments that is not chargeable to tax, and where Form 15 CB and Form 15 are not required.

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