29 September 2019
Revised rules effective from 01 April 2016 make it clear that there is no requirement of submission of Form 15CA and 15 CB when nature/purpose of remittance is one of the 33 provided under exception List .Transfer/Remittance of funds from NRO Account to his own NRE Account in the same Bank are covered under Nature of Payment/Purpose code S-1301. Such transfer/remittance is not taxable as such submission of Form 15CA and or Form 15 CB are not required. Perusal and review of information required under 15CA and 15CB forms indicate that these forms are not required for transfer of own funds from NRO account to NRI account by NRI. This position is very clear CBDT Notification no 93/2015 dated 16th December 2015 and also from Rule 37BB for such transfer . In spite of this Branch level Bank invariably ask for 15CA /15CB . In my view main and sole reason for insisting for unnecessary and irrelevant 15CA and 15CB forms is not to any possible audit risk. What is correct position?
30 September 2019
The correct position is 15CA /15CB is required for transfer from NRO to NRE account. This ensures tax payment on amount credited in NRO account before transfer.
CAclubindia
