15CA & 15CB Filing - VSB Consultants

15CA & 15CB Filing Services

When making foreign remittances from India, businesses and individuals must comply with the Income Tax Act and Reserve Bank of India (RBI) guidelines. Forms 15CA and 15CB are crucial for ensuring tax compliance on international transactions.At VSB Consultants Pvt Ltd, we offer seamless and accurate filing of Form 15CA and 15CB, ensuring your cross-border payments are legally compliant and processed without delays. Our expert team handles the entire process efficiently, saving you time and effort.

What is 15CA & 15CB Filing ?

Form 15CA – Declaration of Foreign Remittance

Form 15CA is a declaration that must be submitted by the remitter (the person sending the money) before making a foreign remittance. It helps the Income Tax Department track foreign payments and determine whether they are subject to taxation in India.

Form 15CB – Certificate from a Chartered Accountant

Form 15CB is a certificate issued by a Chartered Accountant (CA) that certifies the taxability of the foreign remittance. It ensures that the correct tax deductions (TDS) are applied before making international payments.

When is 15CA & 15CB Filing Required ?

✔ Foreign Payments by Businesses & Individuals – When remitting payments for services, investments, royalties, interest, or other cross-border transactions.
✔ Transactions Exceeding ₹5 Lakh – If the total remittance exceeds ₹5 lakh, Form 15CB is required before filing Form 15CA.
✔ Payments Covered Under the Income Tax Act – If the payment falls under taxable transactions listed in the Income Tax Act, 1961.
✔ Compliance with RBI & FEMA Regulations – Required for proper documentation of foreign transactions under the Foreign Exchange Management Act (FEMA).

When is Form 15CB NOT Required?

❌ If the remittance is not taxable under Indian law.
❌ If the remittance does not exceed ₹5 lakh in a financial year.
❌ If the transaction is listed under exempt categories specified by the government.

Documents Required for 15CA & 15CB Filing

📌 PAN of the Remitter & Beneficiary – Tax Identification of both parties.
📌 Bank Details of the Remitter – Account from which remittance will be made.
📌 Invoice & Agreement Copy – Justification for the foreign payment.
📌 Nature of Payment – Reason and category of remittance (e.g., business payment, royalty, technical service fee, etc.).
📌 TDS Certificate (if applicable) – Proof of any tax deducted at source.
📌 Tax Residency Certificate (TRC) of the Beneficiary – If seeking benefits under Double Taxation Avoidance Agreement (DTAA).
📌 Declaration from the Remitter – Confirming the correctness of remittance details.

Step-by-Step Process for Filing 15CA & 15CB

Step 1: Consultation & Document Collection

✔ Gather necessary documents, including invoices, bank details, PAN, and tax residency certificate.

Step 2: Review by Chartered Accountant

✔ Our CA assesses the nature of the payment and its taxability.
✔ If applicable, a Tax Deducted at Source (TDS) calculation is done.

Step 3: Preparation of Form 15CB (if required)

✔ A CA-certified Form 15CB is prepared and issued for tax compliance.

Step 4: Filing of Form 15CA

✔ Form 15CA is filled and submitted electronically on the Income Tax e-filing portal.

Step 5: Submission to the Bank for Processing

✔ The filed forms are submitted to the bank, along with other relevant documents, to process the foreign remittance.

At VSB Consultants Pvt Ltd, we ensure your foreign transactions are compliant with tax laws, preventing any penalties or delays.

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Frequently Asked Questions (FAQs)

+1. Who needs to file Form 15CA ?

✔ Any individual or business making foreign remittances must file Form 15CA to declare the transaction to the Income Tax Department.
+2. When is Form 15CB required ?

✔ If the foreign remittance exceeds ₹5 lakh, a CA certificate in Form 15CB is required before filing 15CA.
+3. Can I file Form 15CA without Form 15CB ?

✔ Yes, if the transaction is below ₹5 lakh, Form 15CB is not required.
+4. What happens if I fail to file Form 15CA & 15CB ?

✔ Non-compliance can lead to penalties up to ₹1 lakh per default, along with delays in processing remittances.
+5. What is the deadline for filing Form 15CA ?

✔ It must be filed before making the foreign payment.
+6. Can I revise Form 15CA after submission ?

✔ No, once filed, Form 15CA cannot be revised. However, corrections can be made by filing a new form.
+7. What are the penalties for incorrect Form 15CB filing ?

✔ Inaccurate filing may lead to legal scrutiny and penalties, making CA certification crucial.
+8. Can an NRI remit money using Form 15CA & 15CB ?

✔ Yes, NRIs sending money abroad from India may need to comply with these forms.
+9. What kind of transactions require Form 15CA & 15CB ?

✔ Transactions such as royalties, consultancy fees, business services, and dividends require this compliance.
+10. Do bank charges need to be included in Form 15CA ?

✔ No, bank charges are not considered taxable remittances.
+11. Can I submit physical copies of Form 15CA to the bank ?

✔ Some banks require printed copies of Form 15CA & 15CB, while others accept digital submissions.
+12. How long does the filing process take ?

✔ The entire process can take 24 to 48 hours, depending on documentation and CA certification.
+13. Can a foreign company file Form 15CA ?

✔ No, only Indian entities or individuals making remittances must file Form 15CA.
+14. What if I make multiple remittances to the same party ?

✔ A new Form 15CA must be filed for each separate transaction.
+15. Is there any exemption from Form 15CA filing ?

✔ Yes, certain government transactions and payments for exempt services do not require filing.