The CBDT vide Notification No. 89/2023 dated October 16, 2023, has amended Rule 37BB of the Income Tax Rules, 1962 (“the IT Rules”). This amendment stipulates that the International Financial Services Centre (IFSC) units are no longer obligated to furnish Part D of Form 15CA when making non-taxable remittances. Starting from January 1, 2024, the IFSC units are now obligated to submit a quarterly statement in Form 15CD, detailing all remittances made to non-residents or foreign companies.
The Notification can be accessed at: https://egazette.gov.in/WriteReadData/2023/249470.pdf