Indian Income Tax laws require that any payment made to a Non-Resident Indian or foreign company must be reported. Form 15CA is a declaration submitted online by the remitter, while Form 15CB is a certificate issued by an independent Chartered Accountant verifying the nature of the transaction and tax deductions.
If the single remittance exceeds **₹5 Lakhs**, a Form 15CB certificate must be uploaded before filing Form 15CA. Major banks require these forms to execute outbound remittances of capital, rental income, or sale proceeds of property.
No. Form 15CB is required only when the payment exceeds ₹5 Lakhs in a financial year and the transaction is taxable in India.
The certificate is transaction-specific. It is valid for the specific remittance amount and bank branch indicated in the form.