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.
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