Furnishing of Information in Respect of Payments made to the Non-Resident

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..... Furnishing of Information in Respect of Payments made to the Non-Resident - News and Press Release Dated:- 17-12-2015 - News - Section 195 of the Income-tax Act empowers the Central Board of Dir .....

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..... ect Taxes to capture information in respect of payments made to non-residents, whether chargeable to tax or not. Rule 37 BB of the Income-tax Rules has been amended to strike a balance between red .....

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..... ucing the burden of compliance and collection of information under Section 195 of the Act . The significant changes under the amended Rules are: No Form 15CA and 15CB will be required .....

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..... to be furnished by an individual for remittance which do not requiring RBI approval under its Liberalised Remmittace Scheme (LRS) Further the list of payments of specified nature mentioned in Rul .....

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..... e 37 BB which do not require submission of Forms 15CA and 15CB has been expanded from 28 to 33 including payments for imports. A CA certificate in Form No. 15CB will be required to be fu .....

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..... rnished only in respect of such payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds ₹ 5 lakh. The amended Rules will become applica .....

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..... ble from 01.04.2016. Notification No. G.S.R. 978(E) dated 16th December, 2015 is available on the website of the Department at www.incometax.gov.in. - News - Press release - PIB Tax Management .....

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..... India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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