Worried about compliance in case of payments in foreign currency? Get assistance from qualified CAs, CSs and industry experts.
As per section 195 of the Income Tax Act, TDS is required to be deducted when a person desires to make any payment or remit any money to non resident Indian. If you have to make payments in Dollars, Euro, Yen or any other foreign currency refer our blog section or get in touch with our expert to know if you need to file form 15CA/CB.
Income Tax Form 15CA is required to be filed only if the remittances is chargeable to tax within India.
Form 15CA is a declaration of a remitter and is used as a medium to collect information regarding the payments which are chargeable to tax in the hands of a recipient non-resident. This Form helps the Income Tax Department to keep track of foreign remittances and their taxability. As per Income Tax Rule 37BB, it is the responsibility and the duty of authorised banks or dealers to ensure that they obtain such forms from a remitter.
Income Tax Form 15CB is a form that is required to be signed by a Chartered Accountant in order to obtain a certification concerning the rates and the relevant taxes paid by a taxpayer. Form 15CB is essential as it comprises of specific details that are required while filing Income Tax Form 15CA.
Our team offers form 15CA filing and our Chartered Accountants assist with form 15CB certificate as an additional service.