ED Shuts Down CA For Issuing Form 15 CB To Certain Entities Allegedly Involved In Money Laundering


ED - CA - PMLA - Form 15 CB - Money Laundering - Taxscan

The Directorate of Enforcement (ED) arrested the CA for issuing Form 15 CB to certain entities allegedly involved in money laundering.

The arrest of a chartered accountant for issuing Form 15 CB for certain entities which are not even the main defendants is completely unjustified.

Lawyer Abhishek Garg and lawyer Apurva M. Gokhle argued that while issuing the 15CB form, an accountant is not required to step into the shoes of the investigative agency to verify whether The same goes for money laundering activities, as it only checks the tax payable. be deducted when handing over. Getting hold of a CA in this way when the agency is unable to find one of the main defendants is unfortunate.

Form 15CB is required for payments made to a non-resident, not a corporation, or to a foreign corporation that are taxable and if the payment exceeds 5 Lakh. Form 15CB is an event-based form and is required for each payment that meets the condition. In Form 15CB, a CA certifies payment details, TDS rate, TDS deduction, and other details about the nature and purpose of the payment. In other words, Form 15CB is the Certificate of Tax Determination in which the CA reviews a payout against the accountability provisions. This form can be submitted both online and offline and there is no time limit for submitting the form.

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