Daniel Head has worked hard to build up a strong financial base and an excellent credit rating over the years. He has never fallen into debt or suffered financial difficulties. Financial institutions have almost unfettered powers to share concerns about customers with other companies through credit reference agencies and fraud prevention registers such as Cifas and the National Hunter database.
It is very important for NRIs as well as Chartered Accountants to know the differences and familiar with the changes.
Segregation of Payment and related procedures: The procedures and forms are different for each category. One of the important changes made by the notification was to reduce the requirement of a Chartered Accountant CA certificate in Form 15CB for certain payments.
The specified list specifies 39 nature of payments and also mentions the purpose code for each nature. While Form 15CB kept the basic information the same, such as name, address, country of remittance, amount of remittance, bank details, nature of remittance, etc. While there is no change in the procedures, the Form 15CA has been revised.
The revised Form 15CA has 3 parts. Information in Part A of the Form 15CA is to be furnished if the remittance does not exceed 50, orin aggregate in a financial year. For Part B of the Form No.
In addition, the remitter needs to certify that the income is not chargeable under provisions of Income-Tax Act and is not liable for TDS and does not require a certificate in Form 15CB. It has two sections. Section B is to be prepared as per the certificate of the accountant and has all the details as included in the Form 15CB as explained above.
What does this all mean for NRIs?: For NRIs, who is remitting the money abroad or transferring the funds from NRO account to NRE account, will need to follow the revised rules, furnish the updated forms and complete the new procedures from October 1, If the payment does not exceed Rs.
Only three natures i loans to NRI, ii remittance by non-residents towards family maintenance and savings and iii remittance towards personal gifts and donations, are useful for normal NRIs that are included in the specified list.
For such remittance, NRI will be required to certify of its taxability as mentioned earlier. NRIs may also be at the mercy of the bank employees, who may not be aware, not have sufficient knowledge or experience of the new procedures. Chartered Accountants would have to be EXTRA careful as they would now have to research in detail with income tax section and DTAA article number and provide specific detail, thereby increasing the responsibility of determining taxability of remittance.
This could increase the time and cost to issue the certificate. The rules and procedures have been revised again. Understand new procedures applicable from April 1, The Pounds system is designed to be quick and simple and ideal for anyone to use when they need an emergency cash injection.
You can have £ over to your bank account within one hour (All applications are subject to the following checks: Affordability, Credit, .
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