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)
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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)
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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)
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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)
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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)
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12 March 2024 Ok thank you very much

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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)
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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)
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13 March 2024 Nikhil Kaushik ji Okay agreed with you.

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