Sec 195 of the IT act empowers the CBDT to capture information in respect of payments made to non-residents whether chargeable to tax or not
— Ministry of Finance (@FinMinIndia) December 17, 2015Rule 37 BB of the IT Rules amended to strike a balance between reducing the burden of compliance and collection of information .
— Ministry of Finance (@FinMinIndia) December 17, 2015No Form 15CA & 15CB will be required to be furnished by individual for remittance which do not requiring RBI approval .
— Ministry of Finance (@FinMinIndia) December 17, 2015List of payments which do not require submission of Forms 15CA & 15CB has been expanded from 28 to 33 including payments for imports.
— Ministry of Finance (@FinMinIndia) December 17, 2015CA certificate in Form No. 15CB will be required in payments made to non-residents which taxable & the amt during the year exceeds Rs.5 lakh
— Ministry of Finance (@FinMinIndia) December 17, 2015The amended Rules will become applicable from 01.04.2016.@arunjaitley
— Ministry of Finance (@FinMinIndia) December 17, 2015Notification is available on the website of the Department at https://t.co/rSnAZ892vr. @IncomeTaxIndia
— Ministry of Finance (@FinMinIndia) December 17, 2015
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