Form 15CA is a Declaration of Remitter and is considered as a tool for collecting information in lieu of payments which are chargeable for tax in the hands of recipient non-resident of India. This is starting of an effective Information Processing System which may be utilized by the Income tax Department to freely track the foreign remittances and their source to determine tax liability.
Financial Institutions are now more vigilant in seeking such Forms before remittance is effected since now as per revised Rule 37BB a duty is implied on them to furnish Form 15CA received from remitter to an authority for the uses of any proceedings under the Income-tax Act.
Remitter making payment fill the detail in 15 CA and it is signed by the person who is authorized to sign return of Income of the remitter or the person so authorized by him in writing. Information in 15 CA is filled by the remitter using information contained in form 15CB.
15CB certificate will be furnished and certified by the Chartered Accountant.