Form 15CA-15CB Requirement

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This discussion explores whether transferring money from an Indian savings account to a foreign bank account requires filing Form 15CA/15CB. While the rules under Rule 37BB aren't explicit for personal savings transfers, banks may request confirmation that the funds are post-tax. It's suggested that if the remittance is for family maintenance or savings, it might be exempt, but banks could still insist on these forms to verify tax compliance.

CA Pooja P

CA Pooja P (Querist)

12 March 2024 A person is transferring certain sum of money from his Indian Saving account to his bank account in Foreign Bank. Does mere transferring money to self attract filing of Form 15CA/15CB ? Please guide.

Nikhil Kaushik

Nikhil Kaushik (Expert)

12 March 2024 ideally there should not be any requirement of this payment is covered in the 33 items listed here https://cleartax.in/s/form-15ca-15cb-under-rule-37bb

CA Pooja P

CA Pooja P (Querist)

12 March 2024 They haven’t clearly mentioned in Rule 37BB sir. But if remittance for family maintenance & savings is exempted as per point no. 26 of Rule 37BB, this is merely own money, is what i feel.

Nikhil Kaushik

Nikhil Kaushik (Expert)

12 March 2024 yes. it should be. The bank may ask for confirmation that the money being transferred is post-tax money. depends on the bank.

CA Pooja P

CA Pooja P (Querist)

12 March 2024 Ok thank you very much

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

13 March 2024 Form 15CA and 15CB are required in such a case to ensure tax paid money is transferred.
15CA and 15CB required in case of transfer from NRO account to NRE account.

Nikhil Kaushik

Nikhil Kaushik (Expert)

13 March 2024 Seetharaman ji. but in this case, the client has a savings account. Not sure if already classified as NRO. As stated above, banks may insist on confirmation of money be post-tax, which would involved 15CA-CB.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

13 March 2024 Nikhil Kaushik ji Okay agreed with you.

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