No Form 5CA and Form 15CB required in case of payment for import - CBDT Notification dated 16th December 2015

Currently, a person making foreign remittance has to obtain a certificate from a Chartered Accountant in Form 15CB and electronically furnish an undertaking in a Form 15CA.

Recently, the Rule 37BB along with Form 15CA and Form 15CB has been revised and further new Form 15CC (to be filled up by the authorized dealer) has been introduced*. The new rule has provided much needed clarity in case of payment for imports by excluding it from the requirement of obtaining Form 15CB and filing of Form 15CA. Further, for the first time, the new rule provides that Form 15CB needs to be verified electronically. Also, the rule provides that income not chargeable to tax in certain cases needs to be separately disclosed under part D of Form 15CA.

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