CBDT vide its Notification No. 93/2015, F.No.133/41/2015-TPL dated 16-12-2015 substituted rule 37BB of  the Income-Tax Rules, 1962 with new rules for Furnishing of information for payment to a non-resident, not being a company, or to a foreign company.

Section 195 of the Income-tax Act empowers the Central Board of Direct Taxes to capture information in respect of payments made to non-residents, whether chargeable to tax or not. Rule 37 BB of the Income-tax Rules has been amended to strike a balance between reducing the burden of compliance and collection of information under section 195 of the Act.

The significant changes under the amended Rules are:

  • No Form 15CA and 15CB will be required to be furnished by an individual for remittance which do not requiring RBI approval under its Liberalised Remittance Scheme (LRS)
  • Further the list of payments of specified nature mentioned in Rule 37 BB which do not require submission of Forms 15CA and 15CB has been expanded from 28 to 33 including payments for imports.
  • A CA certificate in Form No. 15CB will be required to be furnished only in respect of such payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds Rs. 5 lakh.

The amended Rules will become applicable from 01.04.2016.

Notification No. G.S.R. 978(E) dated 16th December, 2015 can be download from the website of the Income Tax Department at www.incometaxindia.gov.in/ as under:

Download (PDF, 506KB)

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