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Form 15CA & 15CB Filing

Form 15CA & 15CB filing is mandatory for remitting payments outside India. Form 15CA is a declaration of remittance submitted to the Income Tax Department, while Form 15CB is a certification issued by a Chartered Accountant, ensuring compliance with the Income Tax Act. Company Mitra provides a seamless process to help businesses and individuals comply with these regulations hassle-free.

Requirements

PAN of the remitter
Bank details and remittance amount
Nature of payment and applicable tax provisions
Chartered Accountant certification (for Form 15CB)

Benefits

Ensures compliance with FEMA & Income Tax Act
Avoids penalties and legal complications
Faster processing of foreign remittances
Expert consultation for tax applicability

Form 15CA and Form 15CB are forms used in India for reporting payments made to non-resident Indians (NRIs) and foreign companies. Here's a breakdown of their purpose and usage:

Form 15CA:

Purpose: To report payments made to non-resident individuals (NRIs) or foreign companies for taxable income arising in India.
Who files: The Indian resident making the payment (payer).
When to file:
- Before making the payment if the remittance exceeds Rs. 5 lakh in a financial year.
- Within 15 days of making the payment if the remittance is less than Rs. 5 lakh but exceeds Rs. 1 lakh in a financial year.
Parts:
- Part A: For payments exceeding Rs. 5 lakh and requires a certificate from a Chartered Accountant (CA) on Form 15CB.
- Part B: For payments between Rs. 1 lakh and Rs. 5 lakh where certificate from CA is not required but requires details of tax deducted at source (TDS).
- Part C: For payments where no TDS is deducted and not exceeding Rs. 1 lakh.
Submission: Online through the e-filing portal of the Income Tax Department.

Form 15CB:

Purpose: To certify the details of the payment reported in Form 15CA (Part A) by a Chartered Accountant (CA).
Who files: The Chartered Accountant appointed by the payer.
When to file: Before the payer submits Form 15CA (Part A).
Parts:
- Part I: Details of the payer and payment.
- Part II: Details of tax deducted at source (TDS) and applicable tax treaty provisions.
Submission: Online through the CA's e-filing portal.

Consequences of non-compliance:

Penalty of Rs. 100 per day for delay in filing Form 15CA.
Penalty of Rs. 10,000 for not obtaining the CA certificate on Form 15CB.

Document Required

Remitter’s PAN & Aadhaar
Recipient’s details (Name, Address, Country)
Agreement/Invoice supporting remittance
Bank details and SWIFT Code
Tax Residency Certificate (if applicable)

Professional Fees

~~₹5,000.00~~ ₹2,500.00

Additional Cost

Process time

⏳ Form 15CA & 15CB filing typically takes 1 to 2 working days, depending on document verification and approval.

Steps

⏬ Provide necessary details & documents
⏬ Chartered Accountant reviews & prepares Form 15CB
⏬ Submission of Form 15CA on the Income Tax portal
⏬ Final approval and acknowledgment receipt

FAQ

👉 What is Form 15CA & 15CB?
Form 15CA is a declaration for foreign remittances, and Form 15CB is a CA certification ensuring compliance.

👉 Who needs to file Form 15CA & 15CB?
Individuals or businesses making foreign payments taxable under the IT Act must file these forms.

👉 Is Form 15CB mandatory for every transaction?
No, Form 15CB is required only for certain transactions exceeding a prescribed limit.

👉 Can I file Form 15CA without Form 15CB?
Yes, but only in cases where CA certification is not required.

👉 How long does it take to process Form 15CA & 15CB?
Typically 1-2 working days, subject to document verification.

👉 What happens if I don’t file Form 15CA & 15CB?
Non-compliance may result in penalties and delays in remittance processing.

👉 Can Company Mitra help with urgent filing?
Yes, we provide expedited services for urgent cases.

👉 Do I need a Tax Residency Certificate for filing?
Only if availing benefits under a DTAA (Double Taxation Avoidance Agreement).

👉 What is the penalty for incorrect filing?
A penalty of up to ₹1,00,000 can be imposed for incorrect or non-filing.

👉 How can I track the status of my Form 15CA & 15CB?
You can check the status on the Income Tax portal or through Company Mitra’s assistance.

👉 Do NRIs need to file Form 15CA & 15CB?
Yes, if they are remitting funds from an Indian account subject to tax provisions.

Compliances

compliance requirements for form 15ca & 15cb

🔹 Requirement	🔹 Details
When is Form 15CA required?	For all foreign remittances (except exempted categories).
When is Form 15CB required?	If the remittance exceeds ₹5 lakh or if tax is deducted.
Who needs to file?	Individuals & businesses sending money abroad.
Who files Form 15CB?	A Chartered Accountant (CA) must certify it.
Where to file?	Form 15CA – Income Tax e-Filing portal. Form 15CB – Issued by CA & uploaded on IT portal.
What happens if not filed?	Penalty of ₹1,00,000 + possible transaction rejection.

Form 15CA (Declaration of Remitter)

Required for remitting payments to non-residents that are taxable in India.
Filed online on the Income Tax e-filing portal before remittance.
Categories of Form 15CA:
- Part A: Payment ≤ ₹5 lakh in a financial year.
- Part B: Payment > ₹5 lakh & covered under specified exemption.
- Part C: Payment > ₹5 lakh & requires Form 15CB from a CA.
- Part D: Payment not taxable in India (as per DTAA or exemptions).

Form 15CB (Certificate by CA)

Issued by a Chartered Accountant (CA) for remittances exceeding ₹5 lakh.
Certifies taxability, TDS rate, and applicability of DTAA before filing Form 15CA.
Required only for Part C of Form 15CA.

📆 due dates for form 15ca & 15cb

🔹 Transaction Date	🔹 Form 15CA & 15CB Due Date	🔹 Late Filing Consequence
Same-day remittance	Before remittance processing	Bank will reject payment
Scheduled foreign payment	At least 1 day before transaction	Possible IT scrutiny
Quarterly reporting	Must be done within the quarter	₹1,00,000 penalty (Sec 271I)
Annual Compliance Check	Before March 31st every year	Tax audit issues

Must be submitted before remittance to a non-resident.

Penalties

🚨 penalties & interest rates for late or incorrect form 15ca & 15cb filing 🚨

Filing Form 15CA & 15CB on time is mandatory for foreign remittances. Failure to comply can lead to heavy penalties, bank rejections, and even income tax scrutiny! Below is a breakdown of penalties & interest charges you must avoid.

🔴 penalties for non-filing or incorrect filing

❌ Offense	⚠️ Penalty	🔍 Impact
Not filing Form 15CA before remittance	₹1,00,000 (Section 271I)	Bank may reject the transaction
Incorrect details in Form 15CA	₹1,00,000	Possible IT Department scrutiny
Non-submission of Form 15CB (if required)	₹1,00,000	Legal non-compliance under IT rules
Late filing of Form 15CA & 15CB	₹1,00,000	May lead to tax audit issues

📌 Tip: Filing before the remittance date ensures smooth processing and prevents penalties!

🔴 interest rates on delayed tax payment

If TDS (Tax Deducted at Source) is not paid on time due to Form 15CA non-filing, the following interest rates apply:

📆 Delay Period	🔥 Interest Rate	🚨 Charged Under
If TDS is not deducted	1% per month	Section 201A
If TDS is deducted but not deposited	1.5% per month	Section 201A

📍 Example:
✔️ If ₹50,000 TDS is delayed for 6 months, you’ll pay:
✔️ ₹3,000 extra at 1% per month (if not deducted)
✔️ ₹4,500 extra at 1.5% per month (if deducted but not deposited)