Form 15CA/ 15CB comes into play for the purpose of furnishing information when payment is made to a Non-Resident, not being a company or to a Foreign Company.
The requirement of filling different parts of Form 15CA arises in the following respective cases:
| PartA | If the amount being paid is chargeable under Income tax and the aggregate of such payments during the financial year doesn’t exceed Rs.5,00,000. |
| PartB | If the amount being paid is chargeable under Income tax and the aggregate of such payments during the financial year exceeds Rs.5,00,000, provided:- Certificate obtained u/s 197 or Order obtained from AO u/s 195. |
| PartC | If the amount being paid is chargeable under Income tax and the aggregate of such payments during the financial year exceeds Rs.5,00,000, provided Form 15CB has been obtained from accountant defined under Section 288. |
| PartD | If the amount being paid is not chargeable to tax. However, no information needs to be furnished if the remittance is of the nature provided in column 3 of the specified list or the remittance is to an individual where no prior approval of RBI is needed. |
These two forms are required to be furnished electronically before submitting a copy thereof to the authorized dealer for the purpose of foreign remittance. However, sometime back relaxation was provided whereby CBDT permitted to submit the same in manual format till 15.07.2021.CBDT has now extended the aforementioned date for manual submission to 15.08.2021.
The authorized dealers will now be accepting these forms in manual format till 15.08..2021. Later, a facility will be provided on the portal to upload these forms for the purpose of generating Document Identification Number.
