Consultation and guidance on applicability of Form 15CA, 15CB, and preparation of forms and filing for the banker or financial institution to approve the transfer of money (remittance / payment ) to an NRI or a Company outside of India
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A comprehensive list of frequently asked questions on Form 15CA and Form 15CB Registration.
Form 15CA is required to be filed by every person who is making payments to Non Residents (NRIs) or to a Foreign Company before remitting the payment.
A Certificate from Chartered Accountant is required in Form 15CB for certain type of payments prescribed by Income Tax Department. Form 15CB is required to be uploaded before filing Form 15CA.
It is not mandatory to submit form 15CB in every transaction. Form 15CB is required to be filled only when the remittance amount exceeds Rs 5 lakhs during the financial year.
No, there is no option to withdraw filed Form 15CA.
Form 15CA consists of 4 parts, namely Part-A/B/C/D
Part A: It is required to be filed if the remittance is chargeable to tax and the aggregate of such remittances does not exceed Rs 5 Lakhs during the financial year.
Part B: It is required to be filed if the remittance is chargeable to tax and the aggregate of such remittances exceeds Rs 5 Lakhs during the financial year and an order/ certificate u/s 195(2) /195(3)/197 of Income Tax act has been obtained from the Assessing Officer.
Part C: It is required to be filed if the remittance is chargeable to tax and the aggregate of such remittances exceeds Rs 5 Lakhs during the financial year and a certificate in form 15CB is required to be obtained
Part D: It is required to be filed if the remittance is not chargeable to tax under the provisions of Income Tax act.
|#||RBI Purpose Code||Nature of Payment|
|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 (NRI)|
|7||S0101||Advance payment against imports|
|8||S0102||Payment towards imports – settlement of invoice|
|9||S0103||Imports by diplomatic missions|
|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.)|
|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|