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  News & Events
 
06/12/2023
Punjab Govt orders Audit of 19,000 Co-op Societies across State
21,791 fake GST registrations, suspected tax evasion of Rs 24,000 Cr detected in special drive
05/12/2023
Indian Banks write off Rs.10.6 Lakh Cr in 5 years, 50% linked to Large Corporates
NFRA has Superior Powers over ICAI for Professional Misconduct - NCLAT
03/12/2023
Investment firm BlackRock stake in Suzlon Energy surpasses 5% level
30/11/2023
Cabinet approves Terms of Reference for the Sixteenth Finance Commission
GSTN Advisory for the procedures and provisions related to the GST Amnesty Scheme
29/11/2023
Income tax Department introduces new ‘Discard ITR’ facility on Income Tax Website
Delhi HC imposes Rs 2 lakh fine on ex-Bharat Pe MD Ashneer Grover for derogatory posts
 
 
  Notification/Circulars
17/11/2023
Regulatory measures towards consumer credit and bank credit to NBFCs
09/11/2023
‘Fully Accessible Route’ for Investment by Non-residents in Government Securities – Inclusion of Sovereign Green Bonds
08/11/2023
RBI Master Direction on Information Technology Governance, Risk, Controls and Assurance Practices
01/11/2023
Regulation of Payment Aggregator – Cross Border (PA - Cross Border)
31/10/2023
Banking Regulation (Amendment) Act 2020 - Change in Name of Co-operative Banks
Guidelines on Closure of Branches and Extension Counters by DCCBs - RBI
Article Details
Regarding Form 15CA & 15CB

Rule 37 BB of the Income- Tax Rules has been amended to strike a balance between reducing the burden of compliance and collection of information under section 195 of the Act. The amended rules will become applicable from 01.04.2016.

 

Significant changes made under the rules are:-

 ü  No Form 15CA and 15CB will be required to be furnished by an individual for remittance which do not requiring RBI approval under its Liberalised Remmittace Scheme (LRS).
 

ü  Further the list of payments of specified nature mentioned in Rule 37 BB which do not require submission of Forms 15CA and 15CB has been expanded from 28 to 33   including payments for imports.

 ü  A CA certificate in Form No. 15CB will be required to be furnished only in respect of such payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds Rs. 5 lakh.
 

Further, Form 15CA has now been divided in four parts viz. Part-A, B, C & D from earlier two parts.