Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ACCOUNTING STANDARD :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: empanelment :: ACCOUNTING STANDARDS :: form 3cd :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT RATES
Latest Circulars »
 RBI to conduct Overnight variable rate Reverse Repo auction under LAF today for ₹ 200 billion between 4.00 pm and 4.30 pm
 Stagnation in sales and sustained profitability characterised performance of the private corporate business sector during the first quarter of 2016-17
 Moderation in All-India House Price Index growth reverts in Q1:2016-17
  Evolution of Payment Systems in India: Or is it a Revolution? (Shri R. Gandhi, Deputy Governor - October 22, 2016 - at the Banaras Hindu University, Varanasi)
 Framework for imposing monetary penalty on Authorised Payment Systems Operators / banks under Payment and Settlement Systems Act, 2007
 Evolution of Payment Systems in India: Or is it a Revolution? (Shri R. Gandhi, Deputy Governor - October 22, 2016 - at the Banaras Hindu University, Varanasi)
 RBI-Framework for imposing monetary penalty on Authorised Payment Systems Operators / banks under Payment and Settlement Systems Act, 2007
 RBI-Sovereign Gold Bonds 2016-17 Series III – Operational Guidelines
  Registrations open for NCFE’s NFLAT (National Financial Literacy Assessment Test)
 Sovereign Gold Bond Scheme 2016 -17 – Series III
 Minutes of the Monetary Policy Committee Meeting October 3-4, 2016

Income Tax CIRCULAR No. 4/2009
June, 15th 2010


CIRCULAR NO. 04/2009, DATED 29-6-2009

                        Section 195 of the Income-tax Act, 1961 mandates deduction of income tax from payments made or credit given to non-residents at the rates in force.  The Reserve Bank of India has also mandated that except in the case of certain personal remittances which have been specifically exempted, no remittance shall be made to a non-resident unless a no objection certificate has been obtained from the Income Tax Department.  This was modified to allow such remittances without insisting on a no objection certificate from the Income Tax Department, if the person making the remittance furnishes an undertaking (addressed to the Assessing Officer) accompanied by a certificate from an Accountant in a specified format.  The certificate and undertaking are to be submitted (in duplicate) to the Reserve Bank of India / authorised dealers who in turn are required to forward a copy to the Assessing Officer concerned.   The purpose of the undertaking and the certificate is to collect taxes at the stage when the remittance is made as it may not be possible to recover the tax at a later stage from non-residents. 

2.         There has been a substantial increase in foreign remittances, making the manual handling and tracking of certificates difficult.  To monitor and track transactions in a timely manner, section 195 was amended vide Finance Act, 2008 to allow CBDT to prescribe rules for electronic filing of the undertaking.   The format of the undertaking (Form 15CA) which is to be filed electronically and the format of the certificate of the Accountant (Form 15CB) have been notified vide Rule 37BB of the Income-tax Rules, 1962.

 3.        The revised procedure for furnishing information regarding remittances being made to non-residents w.e.f. 1st July, 2009 is as follows:-

(i)         The person making the payment (remitter) will obtain a certificate from an accountant* (other than employee) in Form 15CB. 

(ii)        The remitter will then access the website to electronically upload the remittance details to the Department in Form 15CA (undertaking).  The information to be furnished in Form 15CA is to be filled using the information contained in Form 15CB (certificate).

(iii)       The remitter will then take a print out of this filled up Form 15CA (which will bear an acknowledgement number generated by the system) and sign it. Form 15CA (undertaking) can be signed by the person authorised to sign the return of income of the remitter or a person so authorised by him in writing. 

(iv)       The duly signed Form 15CA (undertaking) and Form 15CB (certificate), will be submitted in duplicate to the Reserve Bank of India / authorized dealer.  The Reserve Bank of India / authorized dealer will in turn forward a copy the certificate and undertaking to the Assessing Officer concerned.

(v)        A remitter who has obtained a certificate from the Assessing Officer regarding the rate at or amount on which the tax is to be deducted is not required to obtain a certificate from the Accountant in Form 15CB.  However, he is required to furnish information in Form 15CA (undertaking) and submit it along with a copy of the certificate from the Assessing Officer as per the procedure mentioned from Sl.No.(i) to (iv) above.

(vi)       A flow chart regarding filing of Form 15CA and Form 15CB is enclosed at Annexure -A. 

4.         The Directorate General of Income-tax (Systems) (  shall specify the procedures, formats and standards for running of the scheme as well as instructions for filling up Forms 15CA and 15CB. These forms shall be available for upload and printout at

5.         The Reserve Bank of India is being requested to circulate the revised procedure among all authorised dealers. 

For more detail click here

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions