CBDT Exempts IFSC Units from Form 15CA for Non-taxable Remittances and Introduces Form 15CD for Quarterly Reporting

Notification No. 89/2023, dated 16-10-2023

The Central Board of Direct Taxes (CBDT) has introduced the Income-tax Amendment (Twenty-fifth Amendment), Rules, 2023 and amended Rule 37BB. This rule has been amended to exempt International Financial Services Centre (IFSC) Units from furnishing Part D of Form No. 15CA in respect of remittances not chargeable to tax in India.

In addition, the IFSC Units are to submit quarterly statements in Form No. 15CD detailing all remittances made to non-residents or foreign companies. This form must be furnished to the PDGIT/DGIT within 15 days from the end of the quarter to which such statement relates. The form seeks the following information:

a) Details of Remitter (Name, PAN/TAN, Residential Status and complete address)

b) Details of the Remittee (Name, PAN/Aadhar, complete address, country of residence)

c) Details of Remittance (Date, Amount and Nature of Remittance)

Further, it is to be noted that the provisions of this notification will be applicable from January 01, 2024.

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