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 Whether Form 15CA has to be submitted in all cases since the Bankers demand it invariably?

 

 In this regards the attention is invited to the Headings of the Form which provides as under: “Information to be furnished for payments, chargeable to tax, to a non-resident not being a company, or to a foreign company” “(To be filled up if the remittance is chargeable to tax and does not exceed fifty thousand rupees and the aggregate of such remittances made during the financial year does not exceed two lakh fifty thousand rupees)” (Underlined for emphasis) As can be seen from above the Form clearly states that it needs to be filled only if the remittance is chargeable to tax in India. Therefore on the first blush it appears crystal clear that Form 15CA is not required to be filled if the remittance/ payment to non-resident are not chargeable to tax. However the confusion has been created to Banks since a list As per Income Tax (Fourteenth Amendment) Rules, 2013, No reporting in Form 15CA and 15CB is to be made in case of the following nature of foreign remittances w.e.f 01.10.2013 has been provided in Rule 37BB

Specified List

Sl. No.

Purpose code as per RBI

Nature of payment

(1)

(2)

(3)

1

S0001

Indian investment abroad-in equity capital (shares)

2

S0002

Indian investment abroad-in debt securities

3

S0003

Indian investment abroad-in branches and wholly owned subsidiaries

4

S0004

Indian investment abroad-in subsidiaries and associates

5

S0005

Indian investment abroad-in real estate

6

S0011

Loans extended to Non-Residents

7

S0101

Advance payment against imports

8

S0102

Payment towards imports-settlement of invoice

9

S0103

Imports by diplomatic missions

10

S0104

Intermediary trade

11

S0190

Imports below Rs.5,00,000-(For use by ECD offices)

12

S0202

Payment for operating expenses of Indian shipping companies operating abroad.

13

S0208

Operating expenses of Indian Airlines companies operating abroad

14

S0212

Booking of passages abroad - Airlines companies

15

S0301

Remittance towards business travel.

16

S0302

Travel under basic travel quota (BTQ)

17

S0303

Travel for pilgrimage

18

S0304

Travel for medical treatment

19

S0305

Travel for education (including fees, hostel expenses etc.)

20

S0401

Postal services

21

S0501

Construction of projects abroad by Indian companies including import of goods at project site

22

S0602

Freight insurance - relating to import and export of goods

23

S1011

Payments for maintenance of offices abroad

24

S1201

Maintenance of Indian embassies abroad

25

S1202

Remittances by foreign embassies in India

26

S1301

Remittance by non-residents towards family maintenance and savings

27

S1302

Remittance towards personal gifts and donations

28

S1303

Remittance towards donations to religious and charitable institutions abroad

29

S1304

Remittance towards grants and donations to other Governments and charitable institutions established by the Governments

30

S1305

Contributions or donations by the Government to international institutions

31

S1306

Remittance towards payment or refund of taxes

32

S1501

Refunds or rebates or reduction in invoice value on account of exports

33

S1503

Payments by residents for international bidding.