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Applicable Section and Rule | |
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Income Tax Amendment (25th Amendment) Rules, 2023: Units of International Financial Service Centre to furnish Quarterly Statement in Form 15 CD
International Financial Service Centres (IFSC) are such centres approved by Central Government under sub-section 1 of section 18 of Special Economic Zones Act, 2005.
Sub-Rule 7 of Rule 37 BB of Income Tax Rules, 1962: The Units of IFSC operating in India making remittances outside India to a non-resident, not being a company, or to a foreign company, any sum chargeable under the Provisions of Income Tax Act, or for any sum which is not chargeable under the Provisions of Income Tax Act are required to furnish Quarterly Statement for each quarter of the Financial Year in Form 15 CD to:
electronically under digital signature within 15 Days from the end of the Quarter of the financial year to which such statement relates in accordance with the procedures, formats and standards specified by the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) under sub-rule (8).
Form Name |
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Due Date |
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Link to
the Income Tax Circular: https://incometaxindia.gov.in/communications/notification/notification89-2023.pdf
Extract of Form 15 CD
Quarterly statement to be furnished by a unit of an International Financial Services Centre, as referred to in subsection (1A) of section 80LA, in respect of remittances, made for the quarter of ……… of ………. (Financial Year)
Verification
I, ____________ (full name in block letters), son/daughter of ………………. solemnly declare that to the best of my knowledge and belief, the information given above are correct and complete.
and/or
(applicable in case where the Unit referred in 1 is the remitter)
I/We* , ____________ (full name in block letters), son/daughter of _____________in the capacity of _____________(designation) solemnly declare that the information given above is true to the best of my/our* knowledge and belief and no relevant information has been concealed. In a case where it is found that the tax actually deductible on the amount of remittance has not been deducted or after deduction has not been paid or not paid in full, I/We* undertake to pay the amount of tax not deducted or not paid, as the case may be, along with the interest due. I/We* shall also be subject to the provision of penalty for the said default as per the provisions of the Income-tax Act, 1961.
I/We* further undertake to submit the requisite documents for enabling the income-tax authorities to determine the nature and amount of income of the recipient of the above remittance as well as documents required for determining my/our* liability under the Income-tax Act as a person responsible for deduction of tax at source.
Place: Signature:…………………… …………
Date: Name and Designation: …………………
# If available
$ If applicable
* Delete whichever is not applicable”.
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