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28 December 2023
Sir/
Outward foreign remittance/purchase of foreign currency from NRO a/c by any NRI and sending to his "own" bank a/c abroad and
out of source which is in the nature of "exempted amount " ( not chargeable under ITax Act in India ). Hence following queries :-
- Is it required to be reported anywhere while filing ITR 2.
- Does it make any difference for compliance or reporting when source of remitted amount is an " exempted receipt " in hands of NRI in India , but amount is more than 10 Lakhs
- Does it need any specific compliance or any tax implication when authorized dealer categorize the transaction under ' Purpose Group -Capital Account- Repatriation of Non-Resident Deposits. as amount is sent by authorized dealer from NRO a/c only.
Pls guide.
Outward foreign remittance/purchase of foreign currency from NRO a/c by any NRI and sending to his "own" bank a/c abroad and
out of source which is in the nature of "exempted amount " ( not chargeable under ITax Act in India ). Hence following queries :-
- Is it required to be reported anywhere while filing ITR 2.
- Does it make any difference for compliance or reporting when source of remitted amount is an " exempted receipt " in hands of NRI in India , but amount is more than 10 Lakhs
- Does it need any specific compliance or any tax implication when authorized dealer categorize the transaction under ' Purpose Group -Capital Account- Repatriation of Non-Resident Deposits. as amount is sent by authorized dealer from NRO a/c only.
Pls guide.
CA R SEETHARAMAN
(Expert)
29 December 2023
Not required to be reported in filing ITR.
For the purpose of remittance CA has to certify in 15CB applicable tax has been paid.
For the purpose of remittance CA has to certify in 15CB applicable tax has been paid.
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29 December 2023
Thank you Sir. Hope you did will in year 2023 and maintain good health. and find this opportunity to wish you coming up Happy New Year 2024 .
CA R SEETHARAMAN
(Expert)
29 December 2023
You are welcome.
Thank you.
Thank you.
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