Disclosure rules eased for payments to non-residents

Forms 15CA and 15CB will not be required anymore

The Income Tax department has simplified the disclosure norms for payments to non-residents, with most of these up to Rs 500,000 in a year no longer to be disclosed in forms 15CA and 15CB. 

Beside, payment for imports do not require these two forms.

Also, a certificate from a chartered accountant is only required for such payments which are taxable.

The forms would have to be filled if the amount of payment in a year exceeds Rs 500,000.

“No forms 15CA and 15CB will be required to be furnished by an individual for remittance not requiring Reserve Bank of India approval under its Liberalised Remmittace  Scheme,” stated the finance ministry.

Illustration by Uttam Ghosh/Rediff.com