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Form 15CB[1] is the Certificate of an Accountant and is related to the deduction of Tax Deducted at Source (TDS) when a remittance is made to a foreign entity. Section 195 of the Income Tax Act of 1961 governs the furnishing of this document.

Form 15CB [2]

Form 15CB is the Certificate of an Accountant declaring that he has examined the agreement between the Remitter and the Recipient of the Remittance along with an examination of the relevant books of accounts related to the transaction.

Sub Section (6) of Section 95 of the Income Tax Act of 1961 governs the rules and regulations laid down for this process.

Important information included in Form 15CB [3]

Since Form 15Cb[4] is the Certificate issued by an Accountant every detail related to the transaction of remittance to a foreign entity is included in the Form.

  • The Name and Address of the Recipient of the Remittance or the Beneficiary
  • The Country to which the remittance is being made and the Currency of that country
  • Amount of remittance in foreign as well as Indian currency
  • The Name, Branch, and BSR Code of the participating Bank
  • The Proposed Date of Remittance since this Certificate is issued before the transaction is made
  • The Amount of Tax Deducted at Source (TDS) in foreign as well as Indian currency
  • The Rate of TDS in force at the time, both as per the Income Tax Act and the Double Taxation Avoidance Agreements
  • The nature of remittance as mentioned in the related documents
  • Details indicating whether the remittance is net of taxes and if the tax that is payable is grossed. If yes, the computation may also be indicated here
  • Details whether the remittance is for royalties, towards payment for technical services, interest and dividends on investments, supply of articles including plant, machinery and other equipment etc., or towards business income
  • If there is any order under section 195 Sub Section (2) or (3), or under Section 197 of the Income Tax Act of 1961, the details of the Assessing Officer, the date of the Order or Certificate, and the mention of the relevant Section and Sub Section is also required
  • The last section contains the Certificate Number and the essential details of the Accountant including the Name, the name of the Proprietorship or Firm, the Address, and the Registration Number

Issuance of Form 15CB [5]

Section 288 of the Income Tax Act of 1961 governs the criteria of an Accountant who can issue the Certificate of Form 15CB and only such an accountant is allowed to issue one.

References

  1. Issuance of Form 15CA and 15CB. Satisk K Agaarwal & Co.. Retrieved on 2013-01-03.
  2. Form No.15CB. Government of India - Income Tax Dept.. Retrieved on 2013-01-03.
  3. Form No. 15CB. TIN NSDL. Retrieved on 2013-01-03.
  4. Form No. 15CB. MakeMyReturns.com. Retrieved on 2013-01-03.
  5. Appearance by authorised representative.. Government of India - Income Tax Dept.. Retrieved on 2013-01-03.
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