15ca/15cb Assistance for Making Payments to Non-Residents or Repatriation of Own Funds
What is 15ca and 15cb?
A person responsible for making a payment to a non-resident shall file a 15ca form and obtain a 15cb certificate from a Charted Accountant. These forms are filed online, and copies of these forms are submitted to the bank from where transferring money out of India takes place.
For NRO to NRE transfer, a non-resident should have a NRO and NRE account in India for transferring money from NRO to NRE or taking money out of India to another bank account.
What is the purpose of 15ca?
Through 15ca form person responsible for making payment to non-resident provide information to the Income Tax department. 15ca contains information like remitter’s and remittee’s pan no., contact details, remittance amount, TDS details, Lower/NIL TDS certificate detail (if any), etc. It has four parts, and only that part is required to be filled, which is applicable depending on the case. It can be filed online by login to the income tax account of remitter.
What is 15cb certificate?
15cb is a certificate issued by Chartered Accountant of India. In 15cb, a CA certifies that applicable TDS is duly deducted by remitter while making payment to remitee. 15cb is also filed online and contains the digital signature of Chartered Accountant. If you are concerned about how to get 15cb certificate, then you can contact Nricaservices. We have a team of professionals who can assist you from start to end making repatriation process as simple as possible.
Why and When Do We Need 15ca and 15cb while Repatriation of funds from India?
When non-residents want to repatriate their funds out of savings or income in India, the bank asks them to file form 15ca and get 15cb certificate from a CA. Bank generally asks to submit 15ca and 15cb in all cases of repatriation irrespective of amount or purpose. This is due to the fact they want to make sure taxes shall be duly paid before outward remittance of money. Filing form 15ca is a kind of self-declaration declaring that there is no pending tax liability on the funds applied for outward remittance.
Are you planning to sell a property in India?
How can we assist you?
If NRI is planning to sell a property in India, then income tax provisions applicable to him is different from the provisions applicable to residents. For example, withholding tax rates applicable to the NRI seller is much higher than the resident seller. Also,the buyer shall obtain TAN and shall file different TDS challan. We can assist you to step by step by letting you know the best way to move forward. We can also assist you in getting a lower/NIL TDS certificate if required. If you are concerned how to file 15ca, we can file 15ca on your behalf. Also we will issue 15cb to you taking minimum time.
For remitting funds out of India with different sources of funds, we first try to understand the case and then provide you a complete list of details required to issue the CA certificate for transferring funds. This way online process of 15cb and online filing of form 15ca getcomplete with a minimum exchange of unnecessary details, saving a lot of time for both of us. We try to be available even in odd hours to take your questions considering the time difference between different zones.
How Much Time Does the Issue of These Certificates Involve?
Time involves issuing these certificates depends on how fast the required information is provided to us. We have issued 15ca and 15cb within a day as well.