TMI BlogRemittances to non-residents under section 195 of the Income-tax Act-matters connected theretoX X X X Extracts X X X X X X X X Extracts X X X X ..... ers connected thereto- reg. Section 195 of the Income-tax Act, 1961 mandates deduction of income tax from payments made or credit given to non-residents at the rates in force. The Reserve Bank of India has also mandated that except in the case of certain personal remittances which have been specifically exempted, no remittance shall be made to a non-resident unless a no objection certificat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es, making the manual handling and tracking of certificates difficult. To monitor and track transactions in a timely manner, 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 certificate of the Accountant ( Form 15CB ) hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions of sub-section (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o.(i) to (iv) above. (vi) A flow chart regarding filing of Form 15CA and Form 15CB is enclosed at Annexure-A. 4. 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 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 undertaking (Form 15CA) certificate of Accountant (Form 15CB) forwarded to Assessing Officer - Circular - Trade Notice - Public Notice - Instructions - Office orders ..... X X X X Extracts X X X X X X X X Extracts X X X X
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