If you wish to remit the funds outside India, the GOI will not simply let you do so. GOI wish to confirm that if the payment is for legitimate purposes, the income tax due on the remittance is duly paid. You need to file form 15CA and form 15CB online through income tax portal.
While Form 15CA is be filled in by you, form 15CB is to be issued by a practicing Chartered Accountant. The CA verifies the details viz the nature of payment, the withholding tax (TDS) applicability, and the appropriate rate, if the TDS is correctly deducted or not, etc.
You need to send the 15CB form request to your CA by following the steps below:
- Log in to incometax.gov.in
- Add your CA in in ‘Authorised Partners’ tab ( if not already added) by entering his/her CA membership number
- Your CA has to accept the add CA request
- go to efile tab, Click on income tax forms—> file income tax forms
- Select 15CA – File now, fill in the required details, attach necessary documents, select your CA and send the request for 15CB
- On receipt of online request from you, your CA will fill in form 15CB online, Generate UDIN and upload it with his/her Digital Signature
- You need to check the form 15CB and accept it. After that, you can download the form and submit it to bank. Bank will process the remittance.
It may be noted that the form 15CA comes in 4 parts viz Part A, Part B, Part C, and Part D. Certificate of Chartered accountant is required only in case Part C of form 15CA is applicable to you. Part C of form 15CA is applicable to the cases where the aggregate value of remittance exceeds Rs. 5 lakhs during the financial year.
