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What is Form 15CA and 15CB? Introduction, Importance, and New Rules

Making payments overseas, or outside India, mandates individuals to fulfill certain documentation, legalities, and guidelines.
Remittances to Non-Resident Indians staying in UAE are sanctioned by banks only if the person making the remittance provides an undertaking along with certificates, namely Forms 15CA and Forms 15CB.
In simple terms, any NRI staying in UAE in need of funds/money transfer, or remitting funds from India to abroad, is mandatorily required to submit duly filled Form 15 CA and 15CB.
The purpose of the two documents is to ensure that taxes have been paid on the funds involved before overseas remittance is carried. In case, the funds are remitted abroad without the due taxes are being paid, Individual will get notice from Income Tax Department.
The two legal documents offer similar information, with the major difference that Form 15 CA is a declaration by the NRI wanting to remit funds, while Form 15CB is a Chartered Accountant’s certification of the same.

Here’s a look at the legal definitions of these forms:

What is 15CA?15CA Form is a declaration of the remitter (individual) which is given to the bank’s RM for completing the Transfer of Funds.
What is Form 15CB?15CB is a CA Certificate for individuals who want to repatriate funds/money from their NRO Account to NRE Account net of applicable taxes if any.
Having defined what these 15 CA/CB forms are, it is crucial one realizes the importance of the two documents.
Importance of Form 15CA and 15CB15CA and 15CB are crucial CA documents required for the purpose of transferring funds or money from Non-Resident Ordinary Rupee (NRO) Account to Non-Resident Rupee (NRE) account.
The Income Tax Department has made revisions in the preparation and submission rules for 15 CA/CB forms.
Rules for issuing 15CA/15CB CertificateThe 15CA/CB Forms are mandatory documents required for NRIs in need of fund transfer. Your appointed CA must cater to certain rules and regulations before he/she can issue the Certificates:
  • Whether the Client has a PAN Card?
  • What is the source of funds generated by the Client?
  • Whether the Client has sufficient documentary evidence for the source of funds?
  • Whether the Client is doing regular tax compliance by filing their Income Tax Returns?
  • Whether proper Tax Deducted at Source (TDS) has been deducted on the source of funds?
  • If there is no TDS deducted than an individual has paid self-assessment tax or advance tax before the issue of 15CA CB.
To get hold of your tax-related tasks for financial sustainability and legal compliances, seek professional assistance from a trusted partner.
Alankit, with its 15+ years of experience in tax advisory services, specialized tax services for NRIs based in UAE, and other tax-related advanced services, offers seamless processes for 15CA/CB Certificates. It leads the industry by ensuring minimum turnaround time for issuing a 15CA/15CB Certificate.

Some additional services offered by Alankit include the issue of UDIN number along with a 15CB Certificate. The company’s strong networking with a majority of Indian bank branches having representative offices in UAE, ensures hassle-free and secure servicing.

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