What is Form 15CA/15CB?
While making foreign remittances, taxpayers tend to forget that the payments have tax implications. That is why when an individual makes a payment or remits any money to a non-resident, it has to be checked whether tax was paid on that payment or not.
Why the extension?
As per the Income Tax Act of 1961, it was mandatory to submit Form 15CA/15CB electronically. However, taking into account the inconvenience of the taxpayers to furnish the forms electronically, it was decided that taxpayers could submit the Forms manually to the authorized dealer manually till 30th June 2021.
However, the deadline has been further extended and taxpayers can submit the Forms manually till 15th July 2021.
I have received an email for deduction of TDS on dividend. It mentions that I should submit Form 15G if I want TDS to be deducted at lower rate. What happens if I dont submit Form 15G?
Form 15G is a document submitted by the investor for deduction of TDS at lower rate or nil rate. It is not mandatory to submit Form 15G to the Company.
Thus, if you do not submit Form 15G to the Company, you would still receive the dividend. However, if the dividend amount exceeds INR 5,000, the shareholder would receive the dividend after deduction of TDS at 10% (reduced to 7.5% for FY 2019-20)
Have you received an email for deduction of TDS on dividend - Read more here - TDS on Dividend paid in FY 2020-21
Hi Quicko,
Are there any forms or documents that i need to file while applying for a bank fixed deposit? I want to know what are the tax benefits if i invest in a Fixed deposit.
Hoping for a prompt reply.
Form 15G/ Form 15H is one of the form which is used to make sure that TDS is not deducted from your income. If your tax liability for a year is zero then you can file Form 15G or Form 15H with the deductor.
Moreover, fixed deposits also provide tax benefits under section 80C of the Income tax Act.
Hope this helps!
I have made outward remittances under LRS this financial year for purchase of foreign equities code S0001. The remittances is well below Rs 7 lakh limit. Do I have to submit the Form CA?
Again, as per my understanding, it is the bank who did the remittance should submit this form. Please advise whether my understanding is correct.
Form 15CA is to be filed by the payer on the income tax portal.
Read about the applicability and revised submission rules for Form 15CA and/or 15CB here.
Hope this helps.
@Shrutika_Shah Quicko CA Team will access & submit to get 15CB for outward remittance from NRO to NRE Account? If yes so, How much the fee for filling out 15CB for each transaction ?
Hey @vinothanvik,
Yes, we do have a MEET plan to help you out. One of the tax experts from the team will connect with you and help file the form.