A set of forms used for foreign remittances from India. Their applicability and circumstances are mentioned below

Form 15CA

An online declaration form that gathers information on remittance and ensures compliance with tax regulations. Some of the applicable circumstances are mentioned below:

• Payments subject to Tax Deduction at Source (TDS): Ensures that payment taxes are deducted and reported correctly for the remittances under the provisions of the Income Tax Act, 1961.
• Specified Transactions: Listed under Rule 37BB of the Income Tax Rules like interest payments, dividends, royalties, professional fees, technical fees, and other payments made to non-residents.
• Remittance Amount: For remittances exceeding INR 5 lakhs per transaction, or if the cumulative remittances during the financial year exceed INR 5 lakhs.

Form 15CB

A certification form is given by a Chartered Accountant (CA) to accompany Form 15CA in cases to ensure the accuracy of information and compliance with tax regulations. Applicable scenarios are mentioned below:

• Payments not wholly taxable or subject to lower tax withholding: If the remittance is covered under a Double Taxation Avoidance Agreement (DTAA) or the CA determines that the payment is not wholly taxable or subject to a lower tax withholding rate.
• Transactions requiring certification: Specific transactions where certification is needed as per the provisions of the Income Tax Act or any other relevant law.
• High-value remittances: For remittances exceeding INR 5 lakhs, irrespective of whether Form 15CA is applicable or not.