What is Form 15CB?

If you are a non-resident Indian (NRI) receiving funds from individuals in India, a bank can only credit those funds to you if the sender has submitted Form 15CB. Let's delve into what this form entails.
Many NRIs receive income from individuals in India, such as rental income from residential properties they own. For instance, if you've rented out a property you own in India and your tenant pays you rent, they must furnish Form 15CB.
According to section 195 of the Indian Income Tax Act, anyone making a payment to an NRI must collect Tax Deducted at Source (TDS) if the transaction is taxable in India. In addition to this, the remitter must also submit Form 15CA. In some cases, you may need to provide a certificate from a chartered accountant in the form of Form 15CB.
These forms serve the purpose of verifying whether remittance payments comply with India's income tax regulations. Both forms are accessible online and are beneficial for NRIs like you to prevent double taxation. Keep reading to learn more about what is form 15CB.
 

What is Form 15CB?

Form 15CB is a certificate issued by a chartered accountant, which must be submitted alongside Form 15CA if the total remittance in a fiscal year surpasses INR 5 lakh. The chartered accountant will outline payment particulars, the purpose of the remittance, and the rate of Tax Deducted at Source (TDS).

Procedure to File Form 15CB Online

Form 15CB requires completion by a Chartered Accountant. Here are the steps for filling out Form 15CB:

1. Begin by adding your Chartered Accountant (CA) through the process explained in Form 15CA.
2. Once your CA is added as your authorized partner, proceed to enter Form 15CB income tax.
3. After adding the CA, the subsequent steps will be managed by your CA.
4. Download the Form 15CB utility in .xml format from the download page.
5. After downloading the .xml file, you can prepare it offline.
6. Select the "e-File" option, click on the "Upload Form" button, and provide the following details:

• PAN of the remitter
• PAN of the CA
• Form Name – 15CB
• Filing Type – Original

7. Next, upload the prepared .xml file through the Utility.
8. Download the DSC Management Utility, which is necessary for uploading the Digital Signature File to complete the submission.
9. Click on the "Submit" button and wait for the Success page confirmation.
10. View the form: After Form 15CB is uploaded and successfully submitted by the CA, the assessee can log in and access the form under the "Worklist" tab by selecting the "For Your Information" button.
 

Documents Required For E-Filing Form No. 15CB

The following documents are required for filing Form 15CB income tax:

Details of Remitter

• Remitter's name
• Remitter's address
• Remitter's PAN
• Remitter's primary business location
• Remitter's contact number and email address
• Remitter's status

Details of Remittee

• Remittee's status and name
• Remittee's address
• Remittee's country
• Remittee's primary business location

Details of the Remittance

• Country where the remittance has been made
• Currency in which the remittance has been made
• Remittance amount in INR 
• Remittance's proposed date
• Remittance's nature, according to the agreement 

Bank details of the Remitter

• Remitter's bank name
• Remitter's bank branch
• Bank's BSR code

Others

• Signing the person's father's name
• Signing person's designation

Documents from the Remittee

• Form 10F duly filled by the authorized person of the remittee.
• Tax residency certificate from the remittee 
• Certificate that the remittee does not have any permanent establishment in India.
   

Things to Remember About Form 15CB

• Form 15CB income tax is a certificate issued by a chartered accountant. It is required to make non-resident payments and ensures that the payment complies with Indian tax regulations.
• It is mandatory for any international transaction where the payment exceeds Rs. 5 lakh. It certifies that the Tax on the payment has been deducted as per the Income Tax Act or that it is not chargeable to Tax in India.
• Form 15CB income tax must be submitted online through the Income Tax Department's e-filing portal. It is an essential document for remitting money abroad and is a prerequisite for filing Form 15CA.
• A qualified chartered accountant must review the transaction, ensure compliance with tax laws, and issue Form 15CB, certifying the appropriate tax treatment.
   

Conclusion

Form 15CB income tax plays a vital role in the payment process to non-residents or foreign entities within India. It serves as a certificate issued by a chartered accountant, confirming adherence to tax regulations. 
Complying with the stipulations of these forms is of utmost importance to maintain tax compliance and prevent possible disputes. It is recommended to seek professional assistance to guarantee the precise and punctual submission of these forms and to navigate the intricacies connected with international tax transactions.