The following changes are effective from today i.e. 01-June-2015 in relation to International Taxation
Form 15CA needs to be filled all the transaction with non-resident [Sec 195(6)]
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- For all Import Transactions
- For all credit card transactions
- For all transaction with Non-resident even if payment is made to an Indian Bank account
- For all the transactions related to payment of Interest, Royalty and Fee for Technical Services (FTS)
- For Commission paid abroad
- For Salary paid abroad
If the relevant form is not filled or incorrectly filled, then the penalty of Rs. 1,00,000 can be levied on the assesses.
1 comment:
So if I buy something on an international website some merchandise / service and which is charged to me in dollars, using my credit card issued by an Indian bank. Do I still need to submit Form 15CA
One way of looking at this is that end of the day from my perspective no money has gone out of country and I have settled my Indian credit card in Indian rupees only and the other way of looking at this is that this is a round about way. I have at the end of the day, remitted money abroad using my card. So confused about this
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