Form 15CD (Form 148) : A 60-Second Guide for IFSC Units

If you’re managing or advising units in an International Financial Services Centre (IFSC), here is the Quick Reference:

🚀 The Core Shift:

Since Jan 1, 2024, Form 15CD has changed how we report overseas remittances. It’s a win for ease of doing business because it moves us away from transaction-by-transaction reporting for non-taxable amounts.

✅ Quick Summary of Applicability:

Who: Every IFSC unit (u/s 80LA(1A)) making payments to non-residents or foreign companies.

What: ALL remittances—regardless of whether they are chargeable to tax in India.

The Perk: Filing 15CD exempts you from furnishing Part D of Form 15CA for non-taxable remittances.

📅 Compliance Deadlines:

Frequency: Quarterly.

Due Date: Within 15 days from the end of the quarter.

Mode: Electronic filing via the Income Tax portal (DSC required).

⚠️ The Cost of Forgetting:

Non-compliance or a missed deadline can lead to a penalty of up to ₹1 Lakh under the Income-tax Act.

It’s always better to double-check your reporting calendars now than to face an audit later!