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.
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 .
CAclubindia
