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This discussion clarifies reporting requirements for Non-Resident Indians (NRIs) remitting funds from their NRO accounts abroad. It addresses whether such remittances, particularly those from 'exempted amounts' not chargeable under Indian Income Tax, need to be reported in ITR 2. The guidance suggests that while direct reporting in ITR is not required, a CA certificate (15CB) confirming tax payment might be necessary for the remittance, regardless of the amount exceeding 10 Lakhs or the transaction's categorization under 'Capital Account - Repatriation of Non-Resident Deposits'.

rmalhotra

rmalhotra (Querist)
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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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

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rmalhotra

rmalhotra (Querist)
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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

CA R SEETHARAMAN (Expert)
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29 December 2023 You are welcome.
Thank you.

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