PKPConsult’s Guide to Form 15CB & 15CA for Remittance of Money From India
In today’s global economy, businesses and individuals routinely indulge in the remittance of money from India. Form 15CA enables the Income Tax Department to monitor these foreign remittances and their tax implications. Thus ensuring that all cross-border transactions are correctly documented and taxed. Under Section 195 of the Income Tax Act and Rule 37BB, any payment to a non-resident requires filing Form 15CA,. If the aggregate remittance exceeds ₹5 lahks in a financial year, a Form 15CB certificate from a practising Chartered Accountant is also mandatory. Failure to comply can lead to significant delays in bank processing, interest charges, and penalties imposed by both the Income Tax Department and the RBI.
At PKPConsult, we understand how daunting this remittance of money from India compliance maze can be. That is why we offer an end-to-end solution that turns complexity into simplicity. Our experts handle everything, from preliminary tax assessments and DTAA analyses through CA assignments and precise form preparation to ARN procurement and direct liaison with your bank. With audit-ready documentation, priority turnaround, and real-time updates from dedicated relationship managers, we ensure your international payments go through smoothly every time.
Form 15CA is an online declaration filed by the remitter confirming that applicable taxes have been or will be deducted on payments to non-residents under the relevant provisions of the Income Tax Act. It captures details such as remitter and beneficiary information, nature of remittance of money from India, estimated tax liability, and Remittance Purpose Codes as mandated by the RBI.
Form 15CA has four parts:
Part A: For specified remittances where no Form 15CB certificate is required.
Part B: Where remittance is under a DTAA or with nil withholding.
Part C: Requires a Form 15CB ARN when payment is taxable and exceeds ₹5 lakh per financial year.
Part D: For remittances not covered in other parts
The declaration must be furnished before the actual remittance and can be withdrawn within seven days of submission if needed.
Any person responsible for paying a non-resident or a foreign company (including individuals, companies, LLPs, and partnership firms) must file Form 15CA before remitting funds, subject to the threshold and nature of the payment.
Certain types of remittances, such as donations to foreign charitable bodies or payments attracting nil TDS, may not require Form 15CA.
Form 15CB is a Tax Determination Certificate issued by a Chartered Accountant who verifies the nature of payment, the applicability of TDS provisions, the correct withholding tax rate, and compliance under DTAA if applicable. It is an event-based form required only when the remittance of money from India (or aggregate across the financial year) exceeds ₹5 lakh and TDS is payable.
The CA examines supporting documents (contracts, invoices, payment vouchers) and issues the certificate with an ARN, which must be quoted in Part C of Form 15CA.
Only a practising CA, registered on the Income-tax e-filing portal and assigned by the taxpayer, can prepare and submit Form 15CB. The taxpayer must add the CA’s membership number under “My Chartered Accountant(s)” on the portal and assign the Form 15CB for the relevant financial year.
PKPConsult reviews transaction documents to determine tax obligations, applicable TDS rate, and the need for DTAA benefit analysis.
The taxpayer appoints PKPConsult via the e-filing portal; the firm prepares Form 15CB by certifying tax deductibility and prepares Part C supporting schedules.
PKPConsult logs in with DSC, uploads the signed XML, obtains the ARN, and provides the acknowledgement.
Using the CA’s ARN, PKPConsult completes Part C of Form 15CA, validates the form online, and submits it to obtain the unique AR.
PKPConsult delivers both ARNs and acknowledgement printouts to the bank along with the remittance request, ensuring smooth processing.
Incorrect Purpose Codes: Mis-selection of RBI codes can delay bank approvals; PKPConsult’s experts ensure accurate classification
Incomplete Documentation: Banks often seek additional proof. PKPConsult compiles a complete dossier of CA certificates, invoices, and chartered receipts.
Portal Errors: Technical glitches in e-filing submission can stall compliance; PKPConsult’s dedicated team troubleshoots and resubmits error-free forms
TDS Computation Mistakes: Misapplication of DTAA rates can result in excess withholding; PKPConsult performs meticulous DTAA analysis to optimize tax liability.
Expertise & Accuracy: With years of industry experience, PKPConsult’s CAs deliver error-free certifications aligned with the latest rule revisions under Rule 37BB.
End-to-End Service: From initial tax assessment, CA assignment, and form preparation to bank coordination, PKPConsult manages every step, freeing you to focus on your core business.
Timely Turnaround: Standard processing takes 1–3 days; PKPConsult accelerates timelines with priority handling to meet urgent remittance schedules.
Audit-Ready Documentation: All certificates and declarations adhere to the Income Tax Department’s statutory guidelines, ensuring audit compliance.
Personalized Support: Dedicated relationship managers provide real-time updates on filing status, ARN generation, and bank follow-ups.
Complying with Form 15CA and 15CB requirements is critical to avoid remittance delays, penalties, and interest charges. By partnering with PKPConsult, you benefit from specialized CA expertise, seamless e-filing, and proactive bank liaison, ensuring your cross-border payments are executed swiftly and compliantly.
Contact PKPConsult today to simplify the remittance of money from India with confidence and precision.
"
Leave Your Comment