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Form 15CA and Form 15CB

In today’s globally interconnected world, compliance with tax laws is paramount. The Indian Income Tax Department has established certain regulations under the Income Tax Act, 1961 to track cross-border payments and prevent tax evasion. Individuals and entities in India need to ensure compliance with these tax laws when making payments to non-residents. Form 15CA and Form 15CB are important tools that facilitate the systematic reporting of foreign payments and ensure adherence to tax provisions.Read More

As per Section 195 of the Income Tax Act, 1961, any individual or entity in India making a payment to a non-resident or to a foreign company must deduct income tax at an applicable rate before making a payment1. The remitter is also required to submit a declaration in Form 15CA, providing the details of the payment made. In case the payment exceeds INR 5 lakhs, Form 15CB mentioning the details of tax applied and attested by the Chartered Accountant needs to be submitted2. This article comprehensively explains Form 15CA and 15CB and their significance in foreign remittances.Read Less

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Written ByShruti gujarathi
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Shruti gujarathi has 5 years of experience in the BFSI sector, and as Manager- Digital Marketing at Bajaj Allianz Life Insurance, manages digital and content marketing. She has had hands-on experience in content strategy, performance marketing and Strategic Alliances over a career spanning 10 years.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 16th Feb 2025
Modified on: 17th Feb 2025
Reading Time: 15 Mins
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What is Form 15CA?3
 

Form 15CA is a declaration by an individual or entity (remitter) making a payment to a non-resident (not being a company) or foreign company. The remitter needs to mandatorily submit (online or offline) this to the Income Tax Department before remitting the amount. It serves as a mechanism to track foreign remittances and ensure tax compliance.


Applicability of Form 15CA3
 

Form 15CA is typically applicable for the following payment conditions:

  • Payments made to non-residents that are taxable in India
  • Required for certain categories of payments unless exempt (per Rule 37BB).

However, form 15CA submitted can be withdrawn within 7 days of submission. Remitters are not required to file Form 15CA in case of remittances that do not require prior RBI (Reserve Bank of India) approval, and the nature of the remittance is specified under a specific purpose code as per RBI.

Parts of Form 15CA3

Form 15CA is divided into four parts, each catering to different scenarios:

Parts

Scenarios and Requirements

Part A

To be furnished for remittances, where the total amount remitted does not exceed INR 5 lakhs in a financial year. This part is straightforward and does not require a Chartered Accountant’s (CA) certificate. This part requires the remitter to fill in the details of the remitter and remittance along with verification of details.

Part B

To be furnished for remittances exceeding a total of INR 5 lakh in a financial year, while the remitter has obtained certificate from the assessing officer under Section 195(2)/ (3) or Section 197 of the Income Tax Act, 1961. This part requires the remitter to furnish the details of remittance, remitter, and remittee details, assess the officer’s order details, and verify the details provided.

Part C

To be furnished for remittance exceeding a total of INR 5 lakhs a financial year without obtaining a lower tax deduction certificate. This part requires the remitter to file Form 15CB certified by a Chartered Accountant as per Section 288 (2) of the IT Act. This part requires the remitter to furnish the details of the remitter, remittance, and CA details, along with relevant attachments.

Part D

To be furnished for remittances not taxable under Indian Tax laws. This part requires the remitter to furnish the details of the remitter, remittee, and remittance, along with verification.

 

 

What is Form 15CB?4
 

Form 15CB is a certificate issued by a Chartered Accountant (CA) to validate the taxability of a foreign remittance. When an individual or entity in India remits money exceeding INR 5 lakhs in a financial year to a non-resident or a foreign company and the remittance is taxable in India, in that case, form 15CB obtained from CA has to be furnished to the Income Tax Department. It ensures that the payment complies with the provisions of the Indian Income Tax Act, 1961. The purpose of the form is to certify the nature and taxability of the remittance.
 

Applicability of Form 15CB4
 

Form 15CB is typically applicable in the following payments:

  • Form 15CB is required for payments made to non-residents (excluding companies) or foreign companies that are taxable and
  • When the foreign remittance exceeds the total of INR 5 lakh in a financial year.
  • It is an event-based form, needed for each remittance that meets these conditions.

However, the remitter is not required to file form 15 CB if the remittance is listed under Rule 37BB as exempt.
 

Sections in Form 15CB4
 

Form 15 CB has six sections that certify the following details as issued by the Chartered Accountant:
 

Sections

Details

Certification

The chartered accountant provides the certification information

Remittee details

Name and address

Remittance details

Remittance amount and bank details

Taxability under the IT Act (without DTAA)

Confirm with yes/no if the remittance is taxable in India

Taxability under the IT Act (with DTAA relief)

If DTAA relief is applicable, provide income details

CA details

Name, address, and membership ID

 

Why are Form 15CA and Form 15CB Important?5

Submission of forms 15CA and 15CB is important for the following reasons:

  • It ensures transparency in foreign remittances.
  • It helps in preventing tax evasion.
  • Enables tax compliance
  • Regulate the flow of funds outside the country by ensuring that all foreign payments are levied accurate taxes
  • Ensures cross-border transactions are documented appropriately.
  • Certificate of CA is an additional level of accuracy to reduce non-compliance or non-reporting of funds.
     

How to File Form 15CA?2

 

Filing Form 15CA online is a straightforward process involving some simple steps:

  • Visit the official e-filing portal of the Income Tax Department. Log in with your user ID and password.
  • Navigate to "e-File" > "Income Tax Forms" > File Income Tax Forms.
  • On the page of ‘’File Income Tax Forms’’, choose Form 15CA and get started
  • Select the applicable part (A, B, C, or D) based on the remittance amount and taxability.
  • Enter all the relevant details in the chosen section. This includes remitter, remittee, remittance amount, purpose, taxability, and applicable DTAA provisions.
  • Proceed to e-verify using a Digital Signature Certificate (DSC) or Aadhaar-based OTP.
  • Submit the form and download the acknowledgement for your records.
     

How to File Form 15CB?4
 

Filing Form 15CB requires the certification from the Chartered Accountant (CA):

  • The remitter needs to assign Form 15CB to a Chartered Accountant and provide all the necessary documents for certification. This includes invoices, agreements, and tax residency certificates.
  • The CA has to log into logs in to the Income Tax e-filing portal with valid CA credentials.
  • Navigate to "e-File" > "Income Tax Forms" > File Income Tax Forms> Form 15CB
  • The CA fills in the details of remittance, taxability, and applicable DTAA relief.
  • The CA e-verifies and certifies the form before uploading it to the portal
  • The remitter can download the certificate for use in filing Form 15CA
     

Conclusion

To sum up, Form 15CA and 15CB are indispensable tools for regulating foreign remittances in India. They help individuals and entities in tax compliance ensure transparency and seamless process in cross-border remittance. While Form 15CA acts as a declaration by the remitter providing all the details of remittance, Form 15CB provides an expert certification by a Chartered Accountant. Both forms ensure the seamless flow of information to the Income Tax Department. Understanding and adhering to the requirements of these forms is essential for all remitters to stay compliant.
 

Source

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The views stated in this article are not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read the sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale. Bajaj Allianz Life Insurance Company Ltd., Regd. office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006, Reg. No.: 116, CIN: U66010PN2001PLC015959, Call us on toll free No.: 1800 209 7272, Mail us: customercare@bajajallianz.co.in

BJAZ-WEB-ECNF-13103/25

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*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

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%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is inclusive of all the discounts mentioned above.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


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^Subject to Section 10 (10D) conditions i.e. aggregate annual premium for ULIP policies issued on or after 1st February 2021 does not exceed Rs. 2.5 Lakhs.

1Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

#Source: https://economictimes.indiatimes.com/investments-marts/eight-crucial-numbers-to-ensure-financial-success/10-times-the-annual-income-is-your-life-insurance/slideshow/16699748.cms . Subject to availability in Bajaj Allianz Life ULIP Plans. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

*Benchmark: Nifty 500 Multicap Momentum Quality 50 Index past 5 CAGR Returns, as on 31st December 2024. Past returns of a fund are not necessarily indicative of the future performance of the fund. | Please consult the financial advisor before investing.

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01) are only the name of the unit linked insurance contracts and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

Nifty 500 Multicap Momentum Quality 50 Index Fund is available Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01)

In addition to the already existing funds, Nifty 500 Multicap Momentum Quality 50 Index Fund is now available with the above mentioned products. Customer has an option to choose from other available funds apart from Nifty 500 Multicap Momentum Quality 50 Index Fund.

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any Call made, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

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