1. What is Form 15CA?
According to section 195 of the income tax act, any person making any remittance to the non-resident in a financial year has to submit a declaration to the authorities giving all information. Form 15CA is a declaration provided by the person remitting any sum to the non-resident. The main aim of using this form is to collect information in respect of payments that are chargeable to tax before they are transferred to non-residents An assessee is required to submit this form along with a declaration from a chartered accountant in form 15CB
As per the revised Rule 37BB, Authorised Dealers/ Banks are required to furnish Form 15CA (received from the remitter) to an income-tax authority for the aim of any proceedings under the Income-tax Act.
2. Why is form 15CA used?
Form 15 CA helps the authority in keeping track of the amount remitted from India to the non-resident so that any attempt to evade the tax can be stopped and due tax on the amount can be charged by the government.
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