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May 2009

New Rule 37BB along with new forms for furnishing of information under Section 195(6) of the Act have been prescribed —Notification no. 30/2009, dated 25 March 2009.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
Chartered Accountants
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New Rule 37BB along with new forms for furnishing of
information under Section 195(6) of the Act have been prescribed —Notification
no. 30/2009, dated 25 March 2009.

The CBDT has issued Income-tax (Seventh Amendment) Rules,
2009 effective 1 July 2009, wherein the method of issuing a CA certificate for
the purpose of non-resident remittances has been changed. As per the modified
procedure, new forms have been introduced viz.,

G Form 15CB to be issued by a Chartered Accountant in
which detailed explanations are required for arriving at the rate of
withholding tax

G Form 15CA is required to be filled in by the payer and
submit electronically on the Income- tax website

G Thereafter a printout of such electronically submitted
Form 15CA needs to be signed and submitted by the payer prior to remitting
the payment.

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