It is known to everyone that a banker will ask for Form 15CA certificate and 15CB certificate, while making foreign payments. 15CA certificate is required to be furnished by a person who is willing to make payment to non-resident, any sum chargeable to tax under the provisions of Income Tax Act. The Individual who are transferring their funds from NRO Account to NRE account also required to file Form 15CA and get 15CB Certificate from Chartered Accountant. The Assessee should furnish relevant information in the below mentioned parts.
- The information in Part A of Form No. 15CA, if the amount of payment or the aggregate of such payments, as the case may be, made during the financial year does not exceed INR 5,00,000.
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For payments other than the payments referred in clause (i), the information —
i. a certificate from the Assessing Officer under section 197, or
b. In Part C of Form No. 15CA after obtaining a certificate in Form No. 15CB from an Chartered Accountant as defined in the Explanation below sub-section (2) of section 288. So, it was clear from this point that the person should get certificate from Chartered accountant when the amount of Payment exceeds INR. 5,00,000.
3. The person responsible for paying to a non-resident, not being a company, or to a foreign company, any sum which is not chargeable under the provisions of the Act, shall furnish the information in Part D of Form No.15CA.
Notwithstanding anything contained in sub-rule (iii), no information is required to be furnished for any sum which is not chargeable under the provisions of the Act, if —
(a) the remittance is made by an individual and it does not require prior approval of Reserve Bank of India as per the provisions of section 5 of the Foreign Exchange Management Act, 1999 (42 of 1999) read with Schedule III to the Foreign Exchange (Current Account Transaction) Rules, 2000; or
(b) the remittance is of the nature specified in column (3) of the specified list below:
ii. an order from the Assessing Officer under sub-section (2) or sub-section (3) of section 195.
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Points to be considered for filing 15CA Certificate:-
(A) The information in Form No. 15CA shall be furnished,—-
- electronically under digital signature in accordance with the procedures, formats and standards specified by the Principal Director General of Income-tax (Systems) under sub-rule (8) and thereafter printout of the said form shall be submitted to the authorized dealer, prior to remitting the payment;
- electronically in accordance with the procedures, formats and standards specified by the Principal Director General of Income-tax (Systems) under sub-rule (8) and thereafter signed printout of the said form shall be submitted to the authorized dealer, prior to remitting the payment.
