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TMI BlogThe revised procedure for furnishing information regarding remittances to non residents wi.e.f. 1 July, 2009X X X X Extracts X X X X X X X X Extracts X X X X ..... The revised procedure for furnishing information regarding remittances to non residents wi.e.f. 1 July, 2009 - Commentaries / Editorials Dated:- 3-7-2009 - News - Section 195 was amended vide Finance Act, 2008 to allow CBDT to prescribe rules for electronic filing of the undertaking. The format of the undertaking ( Form 15CA ) which is to be filed electronically and the format of the certifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cate of the Accountant ( Form 15CB ) have been notified vide Rule 37BB of the Income-tax Rules, 1962. Accordingly, circular no. 4 has been issued to clarify the procedure as: (i) The person making the payment (remitter) will obtain a certificate from an accountant (other than employee) in Form 15CB . (ii) The remitter will then access the website to electronically upload the remitta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce details to the Department in Form 15CA (undertaking). The information to be furnished in Form 15CA is to be filled using the information contained in Form 15CB (certificate). * An 'accountant" means a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949), and includes, in relation to any State, any person who by virtue of the provisions of sub-sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion (2) of section 226 of the Companies Act, 1956 (1 of 1956), is entitled to be appointed to act as an auditor of companies registered in that State. (iii) The remitter will then take a print out of this filled up Form 15CA (which will bear an acknowledgement number generated by the system) and sign it. Form 15CA (undertaking) can be signed by the person authorised to sign the return of inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome of the remitter or a person so authorised by him in writing. (iv) The duly signed Form 15CA (undertaking) and Form 15CB (certificate), will be submitted in duplicate to the Reserve Bank of India / authorized dealer. The Reserve Bank of India / authorized dealer will in turn forward a copy the certificate and undertaking to the Assessing Officer concerned. (v) A remitter who has obtaine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d a certificate from the Assessing Officer regard the rate at or amount on which the tax is to be deducted is not required to obtain a certificate from the Accountant in Form 15CB . However, he is required to furnish information in Form 15CA (undertaking) and submit it along with a copy of the certificate from the Assessing Officer as per the procedure mentioned from Sl.No.(i) to (iv) above. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (vi) A flow chart regarding filing of Form 15CA and Form 15CB is enclosed at Annexure-A. The Directorate General of Income-tax (Systems) (www.incometaxindia.gov.in) shall specify the procedures, formats and standards for running of the scheme as well as instructions for filling up Forms 15CA and 15CB . These forms shall be available for upload and printout at www.tin-nsdl.com Ann ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exure - A Flow chart of filing undertaking form u/s 195 of I T Act 1961 (Flows Downward) Remitter Obtains certificate of Accountant (Form 15CB) This form is available at the website www.tin-nsdl.com Accesses the above website Electronically uploads the remittance details in Form 15CA Take ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s printout of filled undertaking form (15CA) with system generated acknowledgement number. Printout of the undertaking form (15CA) is signed Submits the signed paper undertaking form to the RBI/Authorized dealer along with certificate of an Accountant in duplicate RBI/Authorized dealer remits the Amount A copy of u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndertaking (Form 15CA) certificate of Accountant (Form 15CB) forwarded to Assessing Officer - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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