Dear ICAI NRI Helpdesk Team,

I’m seeking your guidance on the correct FEMA and tax requirements for a three‑step transaction involving a domestic gift, an NRO → NRE transfer, and a subsequent overseas remittance.

Scenario:
My father has transferred his own tax‑paid personal savings to my NRO account as a domestic gift. I plan to move these funds from NRO → NRE (internal reclassification within India), and later remit the funds from NRE → USA/Canada to my overseas bank account.

Since each stage falls under a different FEMA category, I want to confirm the correct documentation and compliance requirements for all three steps.

Step 1 — Father → Child’s NRO (Domestic Gift Transfer)

1) Could you please confirm what documentation is required at this stage? Do we need any kind of documents at this stage?
2) My understanding is that a simple Gift Deed and bank transfer proof are sufficient.

3) Is there anything else required?



Step 2 — NRO → NRE (Internal Reclassification)

1) Could you please confirm what documentation is required at this stage? Do we need any kind of documents at this stage?
2) My current understanding is:
NRO → NRE Transfer Form

Form 145

Gift Deed

Account verification (cheque leaf/screenshot)

I also request clarification on the following points:

Whether a CA certificate (Form 15CB/15CA/146) is required when the source of funds is a domestic gift from a parent.

Whether TCS applies to an NRO → NRE transfer, considering that TCS is generally applicable only to outward foreign remittances under LRS.


Step 3 — NRE → USA/Canada (Outward Remittance)
For the final outward remittance, could you confirm whether the following documents are sufficient? Do we need any kind of documents at this stage?
Form A2

Purpose code

Passport

PAN

NRE bank statement

Gift Deed (for source‑of‑funds clarity)

If any additional documentation is required at this stage, please advise.

Your guidance will help ensure that I follow FEMA and Income‑tax rules correctly at each step.

Thank you,

Kapil Gupta.

Dear Sir

A firm has set up a freezing and processing plant where all the machinery were purchased inclusive of GST. Will the firm be able to claim a set-off for the Input Tax Credit (ITC) accumulating on the portal? This is relevant because when the firm issues the bill for job work to the customer, it will charge GST on that service.

With kindest regards

TARIQUE RIZVI
982 1630 130

Hello

Do we require Consolidated financials to be attached in ITR 6 or standalone is fine??

Regards

A proprietorship is engaged in transportation business and owns 8 heavy goods vehicles, each having 25-ton GVW, owned throughout the year.

Turnover: ₹3.50 crore

100% receipts through digital/banking channels

Profit declared: 3% = ₹10.50 lakh

44AE presumptive income: 8 × 25 tons × ₹1,000 × 12 months = ₹24 lakh

Since the assessee declares income lower than the amount prescribed u/s 44AE, is tax audit u/s 44AB(c) mandatory?

Also, considering that turnover is below ₹10 crore and cash receipts/payments are within 5%, would 44AB(a) apply, or is 44AB(c) the correct clause?

Where the balance sheet of a non-corporate entity has historically carried fixed assets only at written-down value and no separate record of original cost or accumulated depreciation exists, what value to be mentioned in schedule Properties, Plant and equipment and intengible assets which requires gross block of assets and depreciation ?

I am auditing the financial statements of Medical Services, which engages in the procurement of medicine and surgical equipment for which the company receives a grant from the government. These medicines are transferred to the respective Government hospitals. The entry was passed; however, is not in compliance with AS 12. The grant-in-aid received is designated as a revenue grant, which includes the service charges for the company; however, it is not treated as a revenue item; rather, it is shown as a liability. However, when they transfer the goods to the government, they consider it a sale. The entry passed is as follows
Grant-in-aid liability account Dr
To Grant-in-aid income
To Service charges (plus GST payable on service charges)
Upon discussion with the organisation, they stated that they have a GST registration and, therefore, once purchased, the sale entry becomes indispensable. The sale is at cost price; therefore, GST liability does not arise.

DEAR SIR
WHAT EVER CLOSING STOCK REMAINS BALANCE AS ON 31ST MARCH THEREUPON HOW TO ADD INWARD TRANSPORT IS THE MAIN ISSUE
PLEASE GUIDE ME AND OBLIGE

Hi,
For the purchase of Machinery, we have paid
* 30% paid as advance to vendor
* 70% through LC, and bank has charged LC charges
As on 31-Mar-26, machinery is not yet received.

We are showing vendor advance under Capital Advances (Non-current assets). But my query is on LC Charges (It should be Capitalised). Should it be shown under CWIP or under any other Group in IND AS FS ?

I am Zaheer I opened a company named HARISON DAIRY in year 2020,but I never used or opened a corporate account and I never filed any thing so I have fine ,I heard about amnesty scheme to reduce the fine and make my company active any one can help me to reduce fine in best price pls let me know

Dear Sir/Madam,

There 3 Pvt Ltd Companies names A, B & C, B & C hold 50% share each in company A, both B & C have 2 directors each in the company, and these 4 directors along with 2 other directors totalling to 6 directors in company A.

There are NO transactions in company B & C (NIL), all the transactions are done in company A only, but ROC filing, audit and all is done for all the 3 companies.

Below mentioned are my questions, request to clarify and guide me:

1. If B & C are converted to LLP from Pvt Ltd company, will there be any problem in company A.

2. In future if we want to wind up these 2 companies, then what will be the complications and compliances.

3. Any tax is applicable and how is shares of directors transferred to company A directors, and any legal tax complications and implications.

Request to kindly guide us on the above points.

Thanks in advance.

Regards
Guptha