16 January 2017
The Assessee is NRI and files return in INDIA.. He have earned salary in Dubai which was invested in NRO FD .. Nearly amounting to 15 lakhs.. Now he wants to transfer this amount to NRE account..
1. Is 15CA CB Required ?
2. Interest Taxable at what rate ?
3. Income should be shown under what head ?
4. What documents a CA should verify ?
please reply...it's very very urgent.
17 January 2017
1 15 CA CB required for funds transfer to NRE ac. 2 Interest taxable at slab rates. 3 Interest income to be shown under income from other sources. 4 Bank statement and source of remittance. Taxability of those remittance and residential status.
17 January 2017
Thank you so much sir for your prompt response..
He is NRI and he is Source of remittance is Salary earned in Dubai , he have also filed return in India... what further verification should be done ?
Should I ask for FD Interest CERTIFICATE'S, NRE Bank statements and what more ?
please help
17 January 2017
Ensure tax has been paid on FD interest earned. Verify the return filed and tax paid. Ensure the 15 lacs proposed to be transferred is exempted and tax paid amount. Check the residential status during the first year of leaving India.
17 January 2017
Ensure tax has been paid on FD interest earned. Verify the return filed and tax paid. Ensure the 15 lacs proposed to be transferred is exempted and tax paid amount. Check the residential status during the first year of leaving India.
18 January 2017
Sir, TDS @ 10% is being deducted on the Interest amount as per Form 26AS.. and Interest amount is Rs. 4 lakh as of now..so further tax needs to be paid and at what rate ? Also she have not filed AY 16-17 Income tax return, is it mandatory to file her return before remittance ?. and is LRS Scheme applicable to her ?
CAclubindia
