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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 ..... . 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 certificate has been obtained from the Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) have been notified vide Rule 37BB of the Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 income of the remitter or a person so authoris ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm 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 www.tin-nsdl.com 5. The Reserve Bank of India is being requested to circulate the revise ..... X X X X Extracts X X X X X X X X Extracts X X X X
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