Amendment to Rule 37BB, Form 15CA & Form 15CB
Rahul Gupta
Dear All,
This is to inform you that the CBDT has amended Rule 37BB of the Income Tax Rule, 1962 vide Notification No. 58/2013 dated 5th August, 2013. The format of Form 15CA & Form 15CB has been amended.
Now, Form 15CB shall not be required in the following cases:
1) if the amount of payment does not exceed INR 50,000 & the aggregate of such payments made during the financial year does not exceed INR 2,50,000;
2) if the payment is not chargeable to tax and is of the nature specified in column (3) of the specified list. The specified list has been mentioned below:
Sl. No. | Purpose code as per RBI | Nature of payment |
(1) | (2) | (3) |
1 | S0001 | Indian investment abroad -in equity capital (shares) |
2 | S0002 | Indian investment abroad -in debt securities |
3 | S0003 | Indian investment abroad -in branches and wholly owned subsidiaries |
4 | S0004 | Indian investment abroad -in subsidiaries and associates |
5 | S0005 | Indian investment abroad -in real estate |
6 | S0011 | Loans extended to Non-Residents |
7 | S0101 | Advance payment against imports |
8 | S0102 | Payment towards imports-settlement of invoice |
9 | S0103 | Imports by diplomatic missions |
10 | S0201 | Payments for surplus freight or passenger fare by foreign shipping companies operating in India. |
11 | S0202 | Payment for operating expenses of Indian shipping companies operating abroad. |
12 | S0203 | Freight on imports - Shipping companies |
13 | S0204 | Freight on exports - Shipping companies |
14 | S0206 | Booking of passages abroad - Shipping companies |
15 | S0208 | Operating expenses of Indian Airlines companies operating abroad |
16 | S0209 | Freight on imports - Airlines companies |
17 | S0212 | Booking of passages abroad - Airlines companies |
18 | S0213 | Payments on account of stevedoring, demurrage, port handling charges etc. |
19 | S0301 | Remittance towards business travel. |
20 | S0302 | Travel under basic travel quota (BTQ) |
21 | S0303 | Travel for pilgrimage |
22 | S0304 | Travel for medical treatment |
23 | S0305 | Travel for education (including fees, hostel expenses etc.) |
24 | S0401 | Postal services |
25 | S0501 | Construction of projects abroad by Indian companies including import of goods at project site |
26 | S0601 | Payments for life insurance premium |
27 | S0602 | Freight insurance - relating to import and export of goods |
28 | S0603 | Other general insurance premium |
29 | S1011 | Payments for maintenance of offices abroad |
30 | S1201 | Maintenance of Indian embassies abroad |
31 | S1202 | Remittances by foreign embassies in India |
32 | S1301 | Remittance by non-residents towards family maintenance and savings |
33 | S1302 | Remittance towards personal gifts and donations |
34 | S1303 | Remittance towards donations to religious and charitable institutions abroad |
35 | S1304 | Remittance towards grants and donations to other governments and charitable institutions established by the governments. |
36 | S1305 | Contributions or donations by the Government to international institutions |
37 | S1306 | Remittance towards payment or refund of taxes. |
38 | S1501 | Refunds or rebates or reduction in invoice value on account of exports |
39 | S1503 | Payments by residents for international bidding". |
Further, Income Tax authority may require the authorised dealer to furnish the signed printout referred to in sub-rule (2) for the purposes of any proceedings under the Act.
The said notification has been attached herewith for your perusal.
In case you need further clarification, please let us know.
Best Regards,
CA. Rahul Gupta
Partner – Taxation
ARVG & Co
D: +91 33 4004 6644 / 6050 5593
Email: ra...@arvsolutions.co.in
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