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17 December, 2015

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Revised and New Form 15CA, 15CB and 15CC w.e.f 1st April, 2016 (Rule 37BB Revised)

Income Tax Amends Rule 37BB and Prescribes changes to Form 15CA, 15CB, 15CC for Foreign Remittance

The Key Changes Introduced w.e.f 1st April, 2016 vide Notification dated 16th December, 2015 are as under:-
  1. Part A- 15CA Reporting Mandating Limit Increased from Current 2.5 Lacs to 5 Lacs
  2. Part B of 15 CA now Broken into Two Parts i.e. Part B and Part C of Form 15CA.
  3. Part B reporting now made Independent of Form 15CB
  4. Part C reporting strictly based on Form 15CB (Attestation by Chartered Accountant)
  5. Part D Newly Introduced for Reporting Transactions which are not chargeable to Income Tax. No Reporting of transaction where
    1. the remittance is made by an individual and it does not require prior approval of Reserve Bank of India as per the provisions of section 5 of the Foreign Exchange Management Act, 1999 (42  of  1999)  read with  Schedule  III  to  the  Foreign  Exchange  (Current  Account  Transaction) Rules, 2000; or
    2. the remittance is of the nature specified in column (3) of the specified list below of the annexed Notification
  6. Quarterly Returns under Form 15CC newly prescribed for Authorised Dealers
Complete Copy of Notification is as under:-

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