Thursday 8 August 2013

Revised Form 15CA & Form 15CB

This is to inform you that the CBDT has amended Rule 37BB of the Income Tax Rule, 1962 vide Notification No. 58/2013 dated 5th August, 2013. The format of Form 15CA & Form 15CB has been amended.
Now, Form 15CB shall not be required in the following cases:
1) if the amount of payment does not exceed INR 50,000 & the aggregate of such payments made during the financial year does not exceed INR 2,50,000;
2) if the payment is not chargeable to tax and is of the nature specified in column (3) of the specified list. The specified list has been mentioned below:
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
S0201
Payments for surplus freight or passenger fare by foreign shipping companies operating in India.
11
S0202
Payment for operating expenses of Indian shipping companies operating abroad.
12
S0203
Freight on imports - Shipping companies
13
S0204
Freight on exports - Shipping companies
14
S0206
Booking of passages abroad - Shipping companies
15
S0208
Operating expenses of Indian Airlines companies operating abroad
16
S0209
Freight on imports - Airlines companies
17
S0212
Booking of passages abroad - Airlines companies
18
S0213
Payments on account of stevedoring, demurrage, port handling charges etc.
19
S0301
Remittance towards business travel.
20
S0302
Travel under basic travel quota (BTQ)
21
S0303
Travel for pilgrimage
22
S0304
Travel for medical treatment
23
S0305
Travel for education (including fees, hostel expenses etc.)
24
S0401
Postal services
25
S0501
Construction of projects abroad by Indian companies including import of goods at project site
26
S0601
Payments for life insurance premium
27
S0602
Freight insurance - relating to import and export of goods
28
S0603
Other general insurance premium
29
S1011
Payments for maintenance of offices abroad
30
S1201
Maintenance of Indian embassies abroad
31
S1202
Remittances by foreign embassies in India
32
S1301
Remittance by non-residents towards family maintenance and savings
33
S1302
Remittance towards personal gifts and donations
34
S1303
Remittance towards donations to religious and charitable institutions abroad
35
S1304
Remittance towards grants and donations to other governments and charitable institutions established by the governments.
36
S1305
Contributions or donations by the Government to international institutions
37
S1306
Remittance towards payment or refund of taxes.
38
S1501
Refunds or rebates or reduction in invoice value on account of exports
39
S1503
Payments by residents for international bidding".
Further, Income Taxauthority may require the authorised dealer to furnish the signed printout referred to in sub-rule (2) for the purposes of any proceedings under the Act.
The said notification has been attached herewith for your perusal.

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