Re: Form 15CA/CB

[DT QUERY REPLY CA NITESH MORE]

Dear Ramya,

As per RBI guidelines, NRIs are allowed to repatriate or transfer funds to NRE SB account within the limit of USD 1 million per financial year from self NRO SB account. 

In every case of transfer of Funds outside India, a certificate in Form 15CB from a chartered accountant is needed. [ Since transfer from NRE tA/c to outside India are freely allowed, it is considered as remittance outside India]. The CA checks the nature of payment and whether any tax is required to be deducted. Even if no tax is required to be withheld, the certificate is required. Further, the details of transfer is to be mentioned in Form 15CA by the transferor. There is no question of nil 15CA/CB. The amount to be transferred and the tax withheld, if any, is required to be mentioned in 15CA. 

So -

1. Obtain Chartered Accountant (CA) Certificate in Form 15CB

2. Submit Form 15CA online

3. Submit documents to Authorized Dealer/Bank where NRE account is kept

4. Transfer: On verification of submitted documents, Bank will process the transfer and credit NRE account.

Thanks,

CA. Anurag Sharma

Partner

Rustagi & Co.

19, R.N.Mukherjee Road

Kolkata - 700001

M: 9831581824

Email: cacs....@gmail.com

On Sat, Mar 22, 2014 at 8:01 PM, Crayons Consulting <crayons...@gmail.com> wrote:

Dear Sir

My client has to transfer money from NRO to NRE account. Bank is asking to furnish form 15CA/ CB. How it to be furnished as no TDS/ Tax is applicable and there is no provision to file nil 15CA/CB for such transactions. Plz help.

Rgds

Ramya

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