Form 15CA is a declaration of remitter and is used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident. This form helps Income Tax Department in tracking foreign remittances & their taxability. As per Rule 37BB, it is a duty of authorized dealers/banks to ensure that such forms are received by them from the remitter. Also, as per Income Tax (Fourteenth Amendment) Rules, 2013, No reporting in Form 15CA and 15CB is to be made in the mentioned 33 nature of foreign remittances and remittances which does not require Reserve Bank of India approval. Chargeability can be ascertained and certified by obtaining the Certificate from a Chartered Accountant in Form no. 15CB.

Form 15CA has 4 parts as mentioned below. Depending on amount and taxability of remittance, specific parts of Form 15CA need to be filled:

• Part A - If remittance is taxable and the total value of such remittance or remittances during the Financial Year is less than Rs. 5 lakh.
• Part B - If order/ certificate u/s 195(2)/ 195(3)/ 197 of Income-tax Act has been obtained from the Assessing Officer
• Part C - If remittance is taxable and the total value of such remittance or remittances during the Financial Year is more than Rs. 5 lakh and a certificate in Form No. 15CB from an accountant as defined in the explanation below sub-section (2) of section 288 has been obtained.
• Part D - To be filled up if the remittance is not taxable other than payments referred to in rule 37BB(3) by the person referred to in rule 37BB(2).

We at TAI, assist our client to comply this requirement on behalf of remitter. Our team of experts not only make this process hassle free but also full proof in term of compliance and prevent future litigation on any of these issues.