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Form 15CA, 15CB applying for import of goods

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Aarthi.P asked about 2 years ago

Is Form 15CA , 15CB mandatory for import of goods for FY 15-16 . There is amendment in Rule 37BB of Income Tax Act 1961., that it is not required for import of goods from 1.4.16. My doubt is regarding FY 15-16 . Kindly clarify. Thanks in advance

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Aarthi.P commented about 1 year ago

Dear all , there is a notification dated Dec 2015, where specified list for which NO Form 15 CA, CB is required has been extended , and payment for imports is part of that list., it is effective from 1.4.16., then how come everybody says, we have to submit Form 15CA,15CB for import of goods for FY 2016-17?http://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/424/Press-release-Rule-37BB-17-12-2015.pdf Thanks in advance

5 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Surbhi answered almost 2 years ago

The income tax department has revised the rules relating to preparation & submission of Form 15CA and Form 15CB (see old rules here). Revised rules are effective 1st April 2016. The significant changes are as follows – Form 15CA and 15CB will be NOT be required to be furnished by an individual for remittance which do not requiring RBI approval List of payments of specified nature mentioned in Rule 37 BB which do not require submission of Forms 15CA and 15CB has been expanded from 28 to 33 including payments for imports. Form No. 15CB will only be required for payments made to non-residents which are taxable and the payment exceeds Rs. 5 lakh.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered about 2 years ago

The significant changes under the amended Rules are: --No Form 15CA and 15CB will be required to be furnished by an individual for remittance which do not requiring RBI approval under its Liberalised Remmittace Scheme (LRS) --Further the list of payments of specified nature mentioned in Rule 37 BB which do not require submission of Forms 15CA and 15CB has been expanded from 28 to 33 including payments for imports. --A CA certificate in Form No. 15CB will be required to be furnished only in respect of such payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds Rs. 5 lakh. For F Y 2015-16 15 CA & 15 CB is only for Import Services not for Goods Imported. From F Y 2016-17 i.e w.e.f from 01/04/2016 you have to submit 15 CA & CB for both Imported Goods & Services.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 HIMANSHU answered about 2 years ago

Hie For F Y 2015-16 15 CA & 15 CB is only for Import Services not for Goods Imported. From F Y 2016-17 i.e w.e.f from 01/04/2016 you have to submit 15 CA & CB for both Imported Goods & Services

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Open uri20170510 32134 1c996lj?1494421732 Anil answered about 2 years ago

For F Y 2015-16 15 CA & 15 CB is only for Import Services not for Goods Imported. From F Y 2016-17 i.e w.e.f from 01/04/2016 you have to submit 15 CA & CB for both Imported Goods & Services.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Sandeep Amritkar answered about 2 years ago

Hi, For F Y 2015-16 15 CA & 15 CB is only for Import Services not for Goods Imported. From F Y 2016-17 i.e w.e.f from 01/04/2016 you have to submit 15 CA & CB for both Imported Goods & Services.

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