Form 15CC in the Income Tax Act

What is Form 15CC?

Form 15CC is a form used to report remittances sent outside India. It is used by authorized dealers (such as a bank) to report the remittances made to a non-resident or any foreign company registered under the liberalized remittance scheme. The authorized dealers are required to furnish form 15CC electronically within 15 days from the end of the quarter of the relevant financial year.

When is it Required to File Form 15CC, and How?

Form 15CC must be furnished to the competent authority of the Income Tax Department electronically within 15 days from the end of the quarter of the financial year in which the payment has been made.

Form 15CC can be submitted both online and offline. If you are filing the form online, first log in to the e-filing portal, select Form 15CC, and submit it. If you are submitting the form using an offline utility, you can download the offline utility for statutory forms, prepare the form, and submit it.

What are the Prerequisites for Availing of this Service?

Given below are the prerequisites for filing Form 15CC -

What is the Purpose of Form 15CC?

• As per Rule 37BB, authorized Dealers must submit a quarterly statement of remittances made during each financial quarter using Form 15CC.
• Before filing Form 15CC, the reporting entity must generate an ITDREIN (a unique ID issued by the Income Tax Department for Form 15CC and Form V) on the e-filing portal.
• After generating the ITDREIN, the reporting entity must designate an authorized person to file Form 15CC under the generated ITDREIN number.

What are the Components of Form 15CC?

The Form 15CC form is divided into three sections -

• Authorized Dealer details
• Remittance Details
• Verification
  
  

1. Authorized Dealer Details -
   The first section contains the details of the authorized dealer, such as the dealer’s name, address, and PAN number.
   
   
2. Remittance Details
   In the next section, you can find the details of foreign remittances made to a non-resident not being a company or the remittance made to a foreign company. In this section, you can add the details of the remitter, remittee, and the details of the location to which the remittance has been made.
   
   
   
   You can also upload a .csv file for uploading the details of multiple remittances using the template (available on the same page).
3. Verification
   The final section contains a self-declaration form for Form 15CC.
   
   

How to Access and Submit Form 15CC?

You can follow the below-mentioned steps to fill and submit Form 15CC through online mode -

Online Mode

Here’s how you can fill and submit Form 15CC through online mode -

• Step 1. Login to the e-filing portal using ITDREIN, your user ID, PAN, and password.
  
  
• Step 2. On your Dashboard, click e-File > Income tax forms > File Income Tax Forms.
  
  
• Step 3: On the Income Tax Forms page, select Form 15CC. You can also enter Form 15CC in the search bar to find it.
  
  
• Step 4: On the Form 15CC page, select Submission Mode > Filing Type > Financial Year (F.Y.), and Quarter. Now, click on Continue.
  
  
• Step 5. Now, on the instructions page, click on ‘Let’s get started’.
  
  
• Step 6. You can now see Form 15CC. Fill in all the required details in the form and click ‘Preview’.
  
  
• Step 7. Verify the details provided on the preview page and click Proceed to e-Verify.
  
  
• Step 8. Click ‘yes’ to submit.
  
  
• Step 9. On clicking Yes, you will be taken to the e-Verify page, where you can verify using a Digital Signature Certificate.
  
  

Offline Mode

You can also fill out Form 15CC offline by visiting an offline utility. From there, you can access Form 15CC, fill out the necessary details, and submit it to the relevant officer.

As specified earlier, the Income Tax Department is sending notices for foreign remittances to taxpayers for transactions above Rs.6 lakhs. If you have received such a notice, make sure you respond to it within the specified timeframe to avoid further consequences. You can also consider seeking professional help if you are not sure how to respond to it. Tax2win’s tax experts can help you reply to the notice accurately and resolve them. Book an Online CA Now!