Do I need to file 15CA/CB for for foreign transactions on Karbon card?

Modified on Fri, 11 Nov 2022 at 05:57 PM

What is 15CA/CB?

Every person who is making a payment outside India shall deduct TDS from the payments made outside of India if such payments are chargeable to income tax. These type of payments has to be in compliance with RBI. One such compliance is to file 15CA/CB.

Under the IT act, it is indeed pertinent to do the requisite 15CA/CB filing for all foreign transactions. As a practice, most companies who transact on credit cards do 2 filings annually combining multiple invoices per vendor given the nature of SaaS transactions. You can however choose to do a filing before each transaction depending on comfort.

Most of these transactions attract a TDS liability of 0 INR; however, it is dependent on DTAA between India and the country in which the end vendor is based along with the specific purpose of the service you are consuming. Both of these are elements that your CA will be able to help with. In case you need a CA who understands the nature of these payments better do let us know and we will connect you to one.

The bank details which will be used for the 15CA/CB generation are as follows :

IFSC code: STCB0000065
BSR Code: 670000B
Branch of Bank: MUMBAI
Name of Authorized dealer: SBM Bank (Mauritius) Ltd.
Branch address of the Authorized dealer: Treasury Deptt., 101, Raheja Centre, Free Press Journal Road, Nariman Point, Mumbai- 400 021

Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select atleast one of the reasons

Feedback sent

We appreciate your effort and will try to fix the article