When remittance are not required to be reported to Income tax Dept w.e.f 01.4.2016

By | December 19, 2015
(Last Updated On: December 19, 2015)

As per new Rule 37BB of Income tax rule  which shall come into force with effect from April 1, 2016.

No need to report remittance  in Forms 15CA and 15CB :-

  1. When remittance is made by an individual and prior approval of the RBI is not required due to liberalized remittance Scheme;
  2.  When payments  are of the nature covered in specified list.

Specified list

Sl. No.Purpose code as per RBINature of payment
1S0001Indian investment abroad-in equity capital (shares)
2S0002Indian investment abroad-in debt securities
3S0003Indian investment abroad-in branches and wholly owned subsidiaries
4S0004Indian investment abroad-in subsidiaries and associates
5S0005Indian investment abroad-in real estate sector
6S0011Loans extended to Non-Residents
7S0101Advance payment against imports
8S0102Payment towards imports-settlement of invoice
9S0103Imports by diplomatic missions
10S0104Intermediary trade
11S0190Imports below Rs.5,00,000-(For use by ECD offices)
12S0202Payment for operating expenses of Indian shipping companies operating abroad.
13S0208Operating expenses of Indian Airlines companies operating abroad
14S0212Booking of passages abroad – Airlines companies
15S0301Remittance towards business travel.
16S0302Travel under basic travel quota (BTQ)
17S0303Travel for pilgrimage
18S0304Travel for medical treatment
19S0305Travel for education (including fees, hostel expenses, etc.)
20S0401Postal services
21S0501Construction of projects abroad by Indian companies including import of goods at project site
22S0602Freight insurance – relating to import and export of goods
23S1011Payments for maintenance of offices abroad
24S1201Maintenance of Indian embassies abroad
25S1202Remittances by foreign embassies to India
26S1301Remittance by non-residents towards family maintenance and savings
27S1302Remittance towards personal gifts and donations
28S1303Remittance towards donations to religious and charitable institutions abroad
29S1304Remittance towards grants and donations to other Governments and charitable institutions established by the Governments
30S1305Contributions or donations by the Government to international institutions
31S1306Remittance towards payment or refund of taxes
32S1501Refunds or rebates or reduction in invoice value on account of exports
33S1503Payments by residents for international bidding.

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