 "Most corporate tax breaks may be phased out in FY18")
The income tax department has simplified the disclosure norms for payments to non-residents, with most of these up to Rs 5 lakh in a year no longer to be disclosed in forms 15CA and 15CB.
Beside, payment for imports do not require these two forms. Also, a certificate from a chartered accountant is only required for such payments which are taxable. The forms would have to be filled if the amount of payment in a year exceeds Rs 5 lakh.
“No forms 15CA and 15CB will be required to be furnished by an individual for remittance not requiring Reserve Bank approval under its Liberalised Remmittace Scheme,” stated the finance ministry.
