Banks and dealers will accept physical forms 15CA/CB till July 15 for international money transfers

Due to technical difficulties encountered by users on the new income tax e-filing platform, the Central Board of Direct Taxes (CBDT) has extended the deadline for accepting manual forms 15CA/CB to July 15. Previously, it was permitted until June 30, 2021.

Unless specific exclusions apply, when you make payments of more than Rs 5 lakh to individuals or businesses outside India, you must electronically upload the Form 15CA, along with the chartered accountant certificate in Form 15CB, to the e-filing platform. You must then submit a copy of the document to banks or authorised dealers prior to commencing an international remittance.

The goal is to notify the income tax authorities, and the process must be completed in order for banks to authorise payments.

“This is particularly applicable to commercial payments. For instance, if you purchase services through an overseas website or import things worth more than Rs 5 lakh, banks may want these documents while transferring funds,” adds Krishna Rath, founder finvestor.in.

“These could include reimbursements for expenditures made by NRIs, such as vehicles, or reimbursements for artwork purchases.” Similarly, payments for any services rendered by NRIs – such as web development or consulting on medical or other matters – would be included in these,” he adds.

Due to the difficulty of uploading at the moment due to I.T. portal difficulties, notably submitting digital signatures for authentication, manual submission is authorised until July 15, 2021. “A mechanism for uploading these forms at a later date for the purpose of generating the document identification number will be available on the new e-filing portal,” the CBDT announcement stated.

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Krishna Rath is a SEBI Registered Investment Adviser, and since 2015 has been educating netizens on investments and insurance. Krishna is a fee only SEBI RIA and is Odisha's first SEBI RIA. With background in IT, Krishna is changing the advisory space with new innovations in AdvisoryTech.

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