Transfer of Funds from NRO to Foreign bank Account

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An NRI wishes to transfer over 10 Lakhs from their NRO account to a foreign bank account. While ITRs have been filed regularly, clarification is sought on whether Form 15CB is required alongside Form 15CA. The consensus is that a Chartered Accountant's certificate (Form 15CB) is necessary to confirm the non-taxable nature of the remittance, even if the funds originate from matured FDs whose interest has been declared. Form 15CA, specifically Part C, should then be filed.

Piyush

Piyush (Querist)
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06 October 2022 A NRI assessee wants to transfer funds from his NRO bank Account to his Foreign Bank Account. Amount that to transfer is more than 10 Lacs. (which is balance as on date). ITR is been filed regularly.

Whether Form 15CB will be applicable ? Or just to file form 15CA ?
For Form 15CA under which part form to be filed ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 October 2022 15CB required. Fill part C of 15CA.
..

Piyush

Piyush (Querist)
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06 October 2022 Funds which are to be transfered are Amounts received on maturity of FDs. FD interest are already shown in ITRs.
Whether to deduct Tax? If yes then on which amount ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 October 2022 No need for any tax deduction in such a case.

Piyush

Piyush (Querist)
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06 October 2022 Since remittance is not taxable, do we have to file Form 15CB? or
Just file Form 15CA part D

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 October 2022 Chartered accountant certificate in 15CB is required. He has to certify it's not taxable.
This is the requirement for fund transfer form NRO

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