Amendments made in Rule 37 BB of the Income-tax Rules
Updated: Dec 17, 2015 02:49:42pm
Dec 17 (KNN) Now no Form 15CA and 15CB will be required to be furnished by an individual for remittance which does not requiring RBI approval under its Liberalised Remittances Scheme (LRS), said the Ministry of Finance.
Section 195 of the Income-tax Act empowers the Central Board of Direct Taxes to capture information in respect of payments made to non-residents, whether chargeable to tax or not.
“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,” Ministry of Finance today said in a statement. The amended Rules will become applicable from April 1, 2016.
After the amendment, further the list of payments of specified nature mentioned in Rule 37 BB which does not require submission of Forms 15CA and 15CB has been expanded from 28 to 33 including payments for imports.
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. (KNN Bureau)
Section 195 of the Income-tax Act empowers the Central Board of Direct Taxes to capture information in respect of payments made to non-residents, whether chargeable to tax or not.
“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,” Ministry of Finance today said in a statement. The amended Rules will become applicable from April 1, 2016.
After the amendment, further the list of payments of specified nature mentioned in Rule 37 BB which does not require submission of Forms 15CA and 15CB has been expanded from 28 to 33 including payments for imports.
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. (KNN Bureau)
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