{"count":2,"next":null,"previous":null,"results":[{"title":"CA is not expected to check the genuineness of documents submitted by the client for issuing Form 15CB: Murali Krishna Chakrala Vs. The Deputy Director, Directorate of Enforcement- [2022] Madras High","summary":"The Madras High Court held that the petitioner, being a Chartered Accountant, in the course of his professional duties, gave Form 15CB after reviewing the documents that his client presented. Petitioner did not have any reason to suspect the genuineness of the import transaction made by his client. He has only received the remuneration for issuance of such Form 15CB and nothing more. A Chartered Accountant is only required to examine the nature of remittance and nothing beyond that. There is no requirement to dig deep into the genuineness of the documents submitted by his clients. Therefore, the Court discharged the petitioner from the prosecution and enlisted him as a witness.","content":"

The petitioner, a Chartered Accountant, was approached by his client for the issuance of Form 15CB. The client was required to make payments for imports. The petitioner issued Form 15CB on his client's request after reviewing the information submitted by the client.

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Subsequently, an investigation was carried out on the client and found that it was involved in money laundering. The allegations indicated opening fictitious bank accounts, forged bills of entry, parking huge funds in the bank account, and transferring funds to various overseas parties. During the investigation, the Enforcement Directorate (ED) discovered the petitioner's involvement as Form 15CB was filed in his name and overseas payments were made through bank accounts using such forms.

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After the investigation, the Enforcement Directorate filed a supplementary complaint on the petitioner, contending his involvement in the generation of proceeds of crime.

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Aggrieved by the order of the Enforcement Directorate, a petition was filed before the trial court but with no success. Thereafter, a petition was filed before the Madras High Court.

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The Madras High Court held that the petitioner, being a Chartered Accountant, in the course of his professional duties, gave Form 15CB after reviewing the documents that his client presented. Petitioner did not have any reason to suspect the genuineness of the import transaction made by his client. He has only received the remuneration for issuance of such Form 15CB and nothing more.

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Further, a Chartered Accountant is only required to examine the nature of remittance and nothing beyond that. There is no requirement to dig deep into the genuineness of the documents submitted by his clients.

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Since the petitioner issued Form 15CB after scrutinizing the documents furnished to him by the client, he discharged his duties following the professional behavior expected from him. Therefore, the Court discharged the petitioner from the prosecution and enlisted him as a witness.

","created_at":"2023-05-12T11:06:02.447439+05:30","updated_at":"2023-05-12T11:06:02.447455+05:30","slug":"ca-is-not-expected-to-check-the-genuineness-of-doc","image":null,"keywords":"15cb, Genuineness of the documents, Madras High Court","tags":[{"id":3,"name":"15CACB"}],"catagory":[{"id":2,"name":"Case Study"}],"author":null},{"title":"Form 15CA & Form 15CB Bulk XML Creation","summary":"Streamline your tax compliance with Form 15CA & Form 15CB bulk XML creation. Use a cloud-based platform to generate accurate forms in minutes, ensuring compliance with international transaction regulations. Save time and money while focusing on growing your business.","content":"

In India, Form 15CA and Form 15CB are required for payment to NRI. Prior to 2020, Indian companies were required to pay dividend distribution tax (DDT) on dividends paid to shareholders, including non-resident Indians (NRIs). However, in 2020, the government abolished DDT, which shifted the responsibility of tax deduction on dividend payments to NRIs to the companies themselves, as per Section 195 of the Income Tax Act.

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This change has led to an increased need for companies to file Form 15CA and Form 15CB to ensure compliance with tax regulations. But filling out these forms manually can be time-consuming and error-prone.

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By using a cloud-based online platform for bulk XML creation, you can automate your tax compliance and save time. Here are just a few of the benefits:

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So, how does bulk XML creation work?
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\r\nIt's simple. You upload a file with all of your transaction data, and the online platform generates the required Form 15CA and Form 15CB in bulk XML format. You can then submit the forms directly to Income Tax Portal.

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Try our online platform for Form 15CA and Form 15CB bulk XML creation today and experience the benefits for yourself.
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\r\nRegister Now or contact us at:
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","created_at":"2023-03-30T17:27:54.155481+05:30","updated_at":"2024-06-03T00:54:21.636010+05:30","slug":"form-15ca-form-15cb-bulk-xml-creation","image":null,"keywords":"Form 15CA, Form 15CB, bulk XML creation, tax compliance, cloud-based platform, international transactions, NRI, Section 195, Income Tax Act","tags":[{"id":3,"name":"15CACB"}],"catagory":[{"id":1,"name":"Utility"}],"author":{"id":1,"name":"DEEPAK TAYAL","photo":"https://wraptaxmedia.s3.amazonaws.com/author_photos/Deepak_Tayal_pic.jpg","qualification":"Chartered Accountant","bio":"LLB | BRSR | FAFD | BlockChain | Artificial Intelligence | IFRS"}}]}