Now provisions Form 15CA and Form 15CB to be extended even in respect of payments, which in the opinion of the payer, are not chargeable to tax under the IT Act

Amendments in provisions related to Section 195(6) of the Act

Currently, section 195(6) of the Act provides that any person responsible for making payments to a non-resident of any sum chargeable under the IT Act will provide such information as may be prescribed. Pursuant to such provision Form 15CA and Form 15CB are required to be furnished by payers.

Such reporting requirements are now amended to be extended even in respect of payments, which in the opinion of the payer, are not chargeable to tax under the IT Act.

Further, currently there is no penalty prescribed for non-furnishing of information or furnishing of incorrect information under section 195(6) of the IT Act (i.e. form 15CA and form 15CB). It is now amended to provide a penalty of one lakh rupees in case of non-furnishing of information or furnishing of incorrect information under section 195(6) of the Act. W.e.f. 01.06.2015