posted 4 Aug 2014, 01:07 by CA Kunjan ‎(practising CA)‎ BKC,Mumbai
basic points/summary

Recently, as per cbdt circular 67 of 2013, some banks are insisting on some forms, known as 15ca form and 15CB (being a CA certificate), before making payments to non-residents. 

Below are few points in this regard:

  1. Remittance upto rs. 50000 & below 2.5 lacs a year --->  15ca is required to be uploaded by assessesee or his CA on assessee's behalf. 15cb is not required here.
  2. Remittances above Rs.50000 & above Rs.2.50 lacs a year ---> 15cb is to be obtained after which 15ca is to be uploaded by assesee or via CA on assessee's behalf.  
  3. "sum chargeable to tax" --> This 15ca/15cb (i.e. rule 37BB) is required only if sum is chargreable to tax in India. This decision, whether it is taxable or not, is to be taken by assessee; (However, for safety purposes, it is heard that banks insist, and even assessees take 15ca and 15cb certificate, even for import payments).
  4. Totally exempted 28 transactions from 15ca/15cb --> 28 transactions  (below attached is cbdt 67/2013 file) does not need 15ca or 15cb at all.
  5. Ask your banker --> Please ask your banker before uploading any 15ca/15cb forms, 
CA Kunjan (practising CA) BKC,Mumbai,
4 Aug 2014, 01:07