For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Payments Made To NRI: 3 Amendments To Know

    |

    The government has made significant changes in the rules in case of payments made to non-residents.

    A Non Resident Indian (NRI) is a person resident outside India, who is a citizen of India or is a person of Indian origin and holds a Indian Passport.

    The Finance Ministry said amendment in the Income Tax Rules have been made to "strike a balance between reducing the burden of compliance and collection of information" in case of payments made by domestic entities to non-residents.

    Payments Made To NRI: 3 Amendments To Know
     

    The 3 significant changes under the amended rules are:

    1) There will be no requirement of Form 15CA and 15CB to be furnished by an individual for remittance which do not requiring RBI approval under its Liberalized Remittance Scheme (LRS)

    2) Further the list of payments of specified nature mentioned which do not require submission of Forms 15CA and 15CB has been expanded from 28 to 33 including payments for imports.

    3) A CA certificate in Form No. 15CB will be required only in respect of such payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds Rs 5 lakh".

    The amended rules will become applicable from 01.04.2016.

    Goodreturns.in

    Read more about: nri income tax
    Story first published: Friday, December 18, 2015, 11:22 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more