New Form 15CA & Form 15CB

Central Board of Direct Taxes has recently revised the rules and procedures for payment to NRI. The updated rule will be effective and applicable for all the payments made from October 1, 2013 onwards.

As per the revised rules, form 15CA and CB are required only in the following cases:

1. For payment that does not exceed INR 50,000 or aggregate of payment does not exceed INR 250,000 in a financial year (April-March for India), Only Form 15CA Part A to be furnished.

2. For any other payment, Chartered Accountant Certificate in the Form 15CB format to be obtained and Part B of the Form 15CA to be furnished to the Income Tax department.

Below is the brief about the 15CA CB forms and process of remittance for your ready reference:

Usage of Form 15CA and 15CB:

Form 15CA 15CB are used to transfer funds from NRO account to NRE account. As per the current regulations, fund from NRO account can be repatriated upto the limit of USD 1 Mn per financial year.

Form 15CA is a form that is filed online with the tax department. Form 15CA can be accessed from the income tax department website. Form 15CA require some basic tax related details of Remitter and Remittee (viz. name, address, PAN, etc.) and details of the proposed remittance (viz. nature, amount, taxability, etc.).

Form 15CB is a specified format in which certificate is issued by an Indian Chartered Accountant (CA). This is filled up by the CA on request from remitter to certify the taxability of the remittance and amount of tax to be deducted, if any.

Documents to be submitted to the Bank for remittance:

1. Form 15CA

2. Form 15CB, if required

3. Form A2

4. Other documents as required by the Bank

Once all duly filled documents are submitted to the Bank, the Bank will process the application and if find all documents in order, will remit the funds as desired.

In case you need any support for the same, do reach us at info@nritaxhelp.com or at +91-98196-32262. We can help you with the issuance of form 15CB, help in filling up 15CA and any other related information.