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It is mandatory to get Form 15CA & 15CB for payments made outside
India.
Foreign Remittances involve tax implications which are ignored by most of the taxpayers. When we
make payments outside of India,
then every person requires to comply with all the provisions laid down in Income Tax Act as well as
FEMA Act. Form 15CA and 15CB
is to be submitted to bank as a mandatory requirement for all the payments that are transferred
outside India.
Section 195 of the Income Tax Act 1961 has mandated that the deduction of TDS has to be done on any
payment made to non-residents.
The purpose of deduction of taxes is to collect the taxes at the earlier stage as it may not be
possible to collect the taxes from
NRI at a later stage. The person who is making payments to NRIs need to furnish an undertaking in
Form 15CA accompanied by Form 15CB
in certain cases.