15CA CB for nro getting settled abroad

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vigneshwaran (Querist)
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13 October 2016 dear professional colleagues, My client, Australian citizen has transferred her retirement savings to NRO account in India in 2011, thought of setting in India. Now in 2016, she is transferring a sum of Rs. 64 lacs which she earlier brought in 2011, back to Australia for getting settled over there. Bankers requesting for Form 15ca cb. With the new provisions, I understood that if the amount transferred is not chargeable to tds, is it mandatory to file form 15 cb? is it okay if I file form 15 ca part D under the nature personal expenses? thank you so much

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 October 2016 No, 15CB is required for repatriation from NRE account which is exempted from Income tax. TDS applicable on NRO accounts hence 15CB filing is required.

vigneshwaran

vigneshwaran (Querist)
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13 October 2016 thank you sir. what is the tds rate

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 October 2016 TDS of 30.9% applicable on interest or other income credited in NRO ac.

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