From 1st April, 2016 – Relaxation in form 15CA / 15CB

Section 195 of the Income-tax Act empowers the Central Board of Direct Taxes (CBDT) to capture information in respect of payments made to non-residents, whether chargeable to tax or not. Recently CBDT relaxes the conditions for providing information in Form 15CA / 15CB for certain types of payments.

As per this relaxation there are 2 major relaxations as under:

• NO NEED to submit FORM 15CA / 15CB  for PAYMENT TOWARDS IMPORT of materials (including Advance payment).
• NO NEED to submit FORM 15CA / 15CB for remittance which do not requiring RBI approval under its Liberalised Remmittace Scheme (LRS).

Click Here for detailed departmental Notification in this regard.