A Second Inning of Forms 15CA and 15CB – Different rules for different players

In view of the amendment brought about by the Finance Act, 2013, CBDT has prescribed new Forms 15CA and 15CB. A few additional details shall have to be furnished in these new forms. The extent of compliances and reporting has been reduced for the remittances upto a certain limit and for those remittances which are not chargeable to tax. Certificate from accountant under Form 15CB isn't required to be furnished if remittance isn't chargeable to tax and covered in the specified list. The new forms provide application of Section 206AA if remittance is chargeable to tax and PAN of the remittee is not available. Details about the Tax Residency Certificate of the remittee shall be furnished in the form if DTAA benefits are claimed.

The differences between the old forms and new forms are as under:

I. New Form 15CA

Points of distinction	Form 15CA – earlier as follows	It Was Form 15CA – It is now as follows
Part A of Form 15CA
Who shall have to fill it?	To be filled up for all remittances made to NR or to a foreign company	To be filled up if the remittances to NR or foreign company do not exceed Rs. 50,000 per transaction and the aggregate of such payments during the financial year doesn't exceed Rs. 2,50,000.
What information has to be filled in?	(1) Particulars of remitter, remittee and accountant to be specified; (2) Principal place of business of remitter and remittee to be specified.	(1) Particulars of remitter, remittee, remittance made and TDS; (2) Mandatory to furnish PAN of remitter, if tax is deducted; (3) Forms prescribe mandatory application of provisions of Section 206AA, if remittance is chargeable to tax and PAN of remittee is not available; (4) E-mail and Phone Number of remittee shall be furnished, if available
Part B of form 15CA
Who shall have to fill it?	All remitters filling form 15CA	To be filled up if the remittance is covered by specified list (given in Explanation to Rule 37BB) and the amount paid to the non-resident or foreign company is claimed not chargeable to tax.
What information has to be filled in?	Particulars of remittance and TDS. Certain other details such as applicable DTAA, existence of PE, etc (As available in from 15CB). This information is now sought for in Part C of New Form 15CA.	(1) Details of remitter, remittee and remittance. (2) In addition, nature of remittance, relevant code of specified list (given in Explanation to Rule 37BB) under which remittance is covered and information to be provided regarding the country of residence of the remittee, if available. (3) Form 15CB isn't required to be furnished if remittance is covered in this part.
Part C of Form 15CA
Who shall have to fill it?	Not applicable (However, the information sought in Part C of new Form 15CA was used to be provided in Part B of old Form 15CA to some extent)	To be filled up for remittances other than those specified in Part A and Part B
What information has to be filled in?	Not applicable (However, the information sought in Part C of new Form 15CA was used to be provided in Part B of old Form 15CA to some extent)	(1) Forms prescribe mandatory application of provisions of Section 206AA, if PAN of remittee is not available; (2) Other details Section A: Details of remitter, remittee and accountant to be specified in this section Section B: Particulars of remittance and TDS (as per certificate of accountant), namely: (a) Taxability under the Income-tax Act (b) Taxability under the relevant DTAA (c) Details of TRC (d) Bifurcation of capital gains, if any, into short-term, long-term capital gains and the basis of arriving at taxable income.

II. New Form 15CB

Additional details to be provided in new Form 15CB

(a)		Taxability under the Income-tax Act without considering the relief of the DTAA
(b)		If income is chargeable to tax in India and relief is claimed under the DTAA, whether TRC has been obtained from the recipient?
(c)		If remittance is on account of capital gains details of amount of short-term, long-term capital gains and the basis of arriving at the taxable income. Get Sudycafe's Updates by SMS in your mobile by Following below two Steps:  1.Download our Android Software &  2. Send a SMS, Type: JOIN CASTUDYCAFE & send to 9219592195

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