Sourabh Katiyar (-) (122 Points)
13 May 2025Respected Members,
I am an NRI living in Australia. I have an account in India also.
I want to transfer fund from my Indian NRO account to my Australian Account.
So do i need to file 15CA form. and what head should i select please help what will be code for transfer of payment.
Thanks.
Roodita Gaikwad
(Practice)
(4528 Points)
Replied 13 May 2025
Yes, as an NRI transferring funds from your Indian NRO account to your overseas (Australian) account, you are required to file Form 15CA. This form is part of the compliance requirements under the Income Tax Act, 1961, and is necessary for any remittance of funds outside India.
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If the total remittance during the financial year exceeds ₹5 lakh, you need to file Part C along with a certificate in Form 15CB from a Chartered Accountant.
If the amount is less than ₹5 lakh, you can file Part A or B, depending on whether a tax deduction is required.
For transferring funds from an NRO account to your account abroad, the appropriate purpose code is usually:
S0022 – Remittance of personal savings from India through NRO account (only for NRIs)
This code is applicable when you are remitting your own funds (savings, rental income, interest, etc.) that have already been taxed in India.
Rama chary Rachakonda
(Master in Accounts & high court Advocate email ID:ramachary64@gmail.com voice no:9989324294)
(7683 Points)
Replied 13 May 2025
However, for NRO accounts, the treatment might differ. -
However, it's crucial to understand the specific nature of the funds being transferred.
1. *Consult with Your Bank*: Inform your Indian bank about your intention to transfer funds to Australia. They can guide you on the specific documentation and process required, including any forms or purpose codes.
Know Your Customer (KYC)*: Ensure your KYC is updated with your Indian bank. -
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