Major changes in requirements of Form 15 CA & 15 CB and foreign remittances under sec 195:

1) Rule 37 BB of the IT Rules amended to strike a balance between reducing the burden of compliance and collection of information.

2) No Form 15CA & 15CB will be required to be furnished by individual for remittance which do not require RBI approval.

3) List of payments which do not require submission of Forms 15CA & 15CB has been expanded from 28 to 33 including payments for imports.

4) CA certificate in Form No. 15CB will be required in payments made to non-residents which taxable and the amount during the year exceeds Rs.5 lakh.

The amended Rules will become applicable from 01.04.2016.