Form 15CA and Form 15CB
Any payment or any remittance done to a Non-resident is subject to many rules and regulations. Section 195 of the Income tax act, 1961 makes it compulsory to deduct the Income-tax from payments made to Non-Resident . The purpose of deduction of Income Tax at source and its subsequent reporting is to ensure that taxes are collected on time. It is the responsibility of t he Payer (Payer is the person who is responsible for making any payment or any remittance to Non-resident) to furnish a Form 15CA and Form 15CB . The Form 15CB regulates the tax deduction as per the income tax rules and also prohibits the double tax provision. The filing of Form 15CB requires an attestation from a Chartered Accountant. So when a person has to make any payment or remit any money to non-resident, the bank will have to verify the payment of tax and act accordingly . Form 15CA A person making the remittance (a payment) to a Non Resident or a Foreign Company has to submit the form 15CA. Form 15CA i