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All about 15CA-15CB FORMS FOR REMITTANCES

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All about 15CA-15CB FORMS For Remittances
15ca

Requirements of Form 15CA -15CB

The person responsible for paying to a non-resident, not being a company, or to a foreign company, any sum chargeable under the provisions of the Act, shall furnish the following, namely:—

  1. 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 5,00,000 rupees;
  1. The information in Part B 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 5,00,000 rupees and certificate/order u/s 197/ 195(2) / 195(3) of income tax act has been obtained.
  1. The information in Part C 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 exceeds5,00,000 rupees and certificate in form no. 15CB from an accountant as defined in the explanation below sub-section (2) of section 288 of income tax act has been obtained.
  1. 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.

In the Following Cases No information is required to be furnished for any sum which is not chargeable under the provisions of the Act, if,

  • 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
  • The remittance is of the nature specified in column (3) of the specified list below:

 SPECIFIED LIST

Sl. No.

Purpose code as per RBI

Nature of payment

(1)

(2)

(3)

1

S0001

Indian investment abroad – in equity capital (shares)

2

S0002

Indian investment abroad – in debt securities

3

S0003

Indian investment abroad – in branches and wholly owned subsidiaries

4

S0004

Indian investment abroad – in subsidiaries and associates

5

S0005

Indian investment abroad – in real estate

6

S0011

Loans extended to Non-Residents

7

S0101

Advance payment against imports

8

S0102

Payment towards imports – settlement of invoice

9

S0103

Imports by diplomatic missions

10

S0104

Intermediary trade

11

S0190

Imports below Rs.5,00,000 – (For use by ECD offices)

12

SO202

Payment for operating expenses of Indian shipping companies operating abroad

13

SO208

Operating expenses of Indian Airlines companies operating abroad

14

S0212

Booking of passages abroad – Airlines companies

15

S0301

Remittance towards business travel

16

S0302

Travel under basic travel quota (BTQ)

17

S0303

Travel for pilgrimage

18

S0304

Travel for medical treatment

19

S0305

Travel for education (including fees, hostel expenses etc.)

20

S0401

Postal services

21

S0501

Construction of projects abroad by Indian companies including import of goods at project site

22

S0602

Freight insurance – relating to import and export of goods

23

S1011

Payments for maintenance of offices abroad

24

S1201

Maintenance of Indian embassies abroad

25

S1202

Remittances by foreign embassies in India

26

S1301

Remittance by non-residents towards family maintenance and savings

27

S1302

Remittance towards personal gifts and donations

28

S1303

Remittance towards donations to religious and charitable institutions abroad

29

S1304

Remittance towards grants and donations to other Governments and charitable institutions

 established by the Governments

30

S1305

Contributions or donations by the Government to international institutions

31

S1306

Remittance towards payment or refund of taxes

32

S1501

Refunds or rebates or reduction in invoice value on account of exports

33

S1503

Payments by residents for international bidding.

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