Form 15CA/CB for Foreign Remittances: Who Qualifies and What You Get
Understand how to obtain the necessary legal clearance required when sending money abroad for services or investments.
This process allows individuals to obtain the legal clearance needed when sending money to someone outside of India.
Who it's for
This is for individuals who need to make payments to foreign entities for various services or investments.
What you get
Completing these forms provides the legal clearance required for outward remittances, ensuring your international money transfers meet regulatory requirements.
What it costs you
There is no direct government fee mentioned, but you will likely need to hire a Chartered Accountant (CA) to provide a certificate for certain transaction amounts.
The catch to know
If the amount you are sending is high, your bank will refuse to process the international wire transfer until you have provided this documentation.
How to apply
- Determine if your payment amount requires a certificate from a Chartered Accountant.
- Obtain the necessary certificate if your specific transaction level requires it.
- Submit the required forms through the official tax portal.
- Present the completed documentation to your bank to finalize the transfer.