CBDT amends I-T Rules for furnishing of info of sum paid to NRs; revised Forms 15CA and 15CB notified
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INCOME-TAX (TWELFTH AMENDMENT) RULES, 2013 - SUBSTITUTION OF RULE 37BB AND FORM NOS. 15CA AND 15CB
NOTIFICATION NO. 58/2013 [F.NO.149/119/2012-SO(TPL)]/SO 2363(E), DATED 5-8-2013
In exercise of the powers conferred by sub-section (6) of section 195 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—
1. (1) These rules may be called the Income-tax (12th Amendment) Rules, 2013.
(2) They shall come into force on the 1st day of October, 2013.
2. In the Income-tax Rules, 1962 (hereafter referred to as the said rules), for rule 37BB, the following rule shall be substituted, namely:—
"37BB. Furnishing of information by the person responsible for making payment to a non-resident, not being a company, or to a foreign company—(1) The person responsible for making any payment to a non-resident, not being a company, or to a foreign company shall furnish the following, namely:—
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(i) |
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the information in Part A of Form No.15CA, if the amount of payment does not exceed fifty thousand rupees and the aggregate of such payments made during the financial year does not exceed two lakh fifty thousand rupees; |
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(ii) |
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the information in Part B of Form No.15CA , if the payment is not chargeable to tax and is of the nature specified in column (3) of the specified list ; |
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(iii) |
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the information in Part C of Form No.15CA for payments other than the payments referred in clause (i) and clause (ii) after obtaining— |
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(a) |
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a certificate in Form No. 15CB from an accountant as defined in the Explanation below sub-section (2) of section 288; or |
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(b) |
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a certificate from the Assessing Officer under section 197; or |
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(c) |
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an order from the Assessing Officer under sub-section (2) or sub-section (3) of section 195. |
(2) The information in Form No. 15CA shall be furnished by the person electronically to the website designated by the Income-tax Department and thereafter signed printout of the said form shall be submitted to the authorised dealer, prior to remitting the payment.
(3) An income-tax authority may require the authorised dealer to furnish the signed printout referred to in sub-rule (2) for the purposes of any proceedings under the Act.
(4) The Director General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture, transmission of data and shall also be responsible for the day-to-day administration in relation to furnishing the information in the manner specified.
Explanation. - For the purposes of this rule,—
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(a) |
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'authorised dealer' means a person authorised as an authorised dealer under sub-section (1) of section 10 of the Foreign Exchange Management Act, 1999 (42 of 1999); |
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(b) |
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the specified list refers to the payments of the nature as indicated below: |
SPECIFIED LIST
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Sl.No. |
Purpose code as per RBI |
Nature of payment |
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(1) |
(2) |
(3) |
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1 |
S0001 |
Indian investment abroad -in equity capital (shares) |
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2 |
S0002 |
Indian investment abroad -in debt securities |
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3 |
S0003 |
Indian investment abroad -in branches and wholly owned subsidiaries |
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4 |
S0004 |
Indian investment abroad -in subsidiaries and associates |
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5 |
S0005 |
Indian investment abroad -in real estate |
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6 |
S0011 |
Loans extended to Non-Residents |
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7 |
S0101 |
Advance payment against imports |
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8 |
S0102 |
Payment towards imports-settlement of invoice |
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9 |
S0103 |
Imports by diplomatic missions |
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10 |
S0201 |
Payments for surplus freight or passenger fare by foreign shipping companies operating in India. |
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11 |
S0202 |
Payment for operating expenses of Indian shipping companies operating abroad. |
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12 |
S0203 |
Freight on imports - Shipping companies |
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13 |
S0204 |
Freight on exports - Shipping companies |
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14 |
S0206 |
Booking of passages abroad - Shipping companies |
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15 |
S0208 |
Operating expenses of Indian Airlines companies operating abroad |
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16 |
S0209 |
Freight on imports - Airlines companies |
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17 |
S0212 |
Booking of passages abroad - Airlines companies |
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18 |
S0213 |
Payments on account of stevedoring, demurrage, port handling charges etc. |
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19 |
S0301 |
Remittance towards business travel. |
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20 |
S0302 |
Travel under basic travel quota (BTQ) |
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21 |
S0303 |
Travel for pilgrimage |
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22 |
S0304 |
Travel for medical treatment |
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23 |
S0305 |
Travel for education (including fees, hostel expenses etc.) |
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24 |
S0401 |
Postal services |
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25 |
S0501 |
Construction of projects abroad by Indian companies including import of goods at project site |
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26 |
S0601 |
Payments for life insurance premium |
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27 |
S0602 |
Freight insurance - relating to import and export of goods |
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28 |
S0603 |
Other general insurance premium |
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29 |
S1011 |
Payments for maintenance of offices abroad |
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