Remittance

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Overview

While making foreign remittances, a remitter is required to ensure compliance with various laws and regulations from a tax and regulatory perspective. An important compliance area is obtaining a remittance certificate (Form 15CB) from a Chartered Accountant. Form 15CB is required before uploading Form 15CA online, it includes details of the payment, rate of tax deducted at source (TDS) and TDS deduction as per section 195 of the Income-tax Act, if any Double Tax Avoidance Agreement (DTAA) or Multilateral instrument, etc. is applicable. The issuance of Form 15CB requires technical expertise and deliberation and thus entails a certification from a registered Chartered Accountant.

Our ‘Remittance’ solution provides a step-by-step procedure for the issuance of Form 15CB, ensuring better compliance due to smart reporting. The solution not only helps facilitate the issuance of certificates but also integrates various related compliances for the client post foreign remittances.

How BDO India Can Help

  • Bulk upload of Beneficiary Data and Beneficiary Master Data Management to avoid repetitive data entries
  • Suggestion on applicable tax rate (as per income tax & DTAA) on remittance transactions added by users
  • Bulk upload of historic Form 15CA & 15CB to help users maintain comprehensive documentation in one centralised platform facilitating easy access and retrieval

Configuration to support internal controls and processes with inbuilt, role-based, customisable, approval workflows. Raising requests for Form 15CB and easy management of digital workflows with Chartered Accountants issuing Form 15CB

Provides a document repository with an integrated tagging feature which ensures enhanced search features

  • Generates pre-defined reports at the group-entity, company, and department levels
  • Interactive dashboards and a simple grid view with dynamic sorting, filtering and summarising of data and action points

Finalised XML file can be uploaded to the Government site

A continuous and coordinated flow between the preparer and the approver with the availability of auto emails.

Facilitates Form A2 Generation

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Parijat Parimal

Parijat Parimal

Partner & Sales Lead Large Accounts
Technology Product and Solutions
BDO Digital
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