Nro to nre transfer is 15ca /15cb needed

Yes, Form 15ca/cb compliace shall  be required.

It has been recommended that the NRIs/PIOs may be permitted, to transfer repatriable funds from their NRO account for credit to their NRE account in India. Prior to this recommendation transfer of funds from NRO to NRE account was not permissible.

Criterion to avail this Circular are:

• Transfer of repatriable funds only
• NRI (as under FEMR) shall be eligible
• Maximum limit $ 1 Million USD per financial year (i.e., approx INR 5 Crores)
• Taxes shall be deducted on such transfer, if any
• Transfer shall be to the same NRI’s NRE Account
• Transaction to be authorized/certified by a CA under Form 15CB/CA.
• PAN in India

If money transferred from NRE to NRO then I think when we convert back as per new rule not required to pay any tax.

In my NRO AC I not made any cash or other local deposits.

So when I convert back is I have to pay tax?

Is anyone CA in Mangalore help me to fill up this 15CA form?

Dear Mr Arihanth,

Small doubt,, I understand that CA should issue certificate in Form 15CA and 15CB for tranferering funds from NRO to NRE.

In Form 15CB, what should we mention has NATURE OF REMITTANCE.

Secondly, it is mentioned in the circular that the tranfer is possible subject to payment of taxes,,,, what tax will such conversion attarct.

Taxes may be deducted on the interests earned on such NRO deposits.

Originally posted by : Ronald DSouza
	If money transferred from NRE to NRO then I think when we convert back as per new rule not required to pay any tax. In my NRO AC I not made any cash or other local deposits. So when I convert back is I have to pay tax? Is anyone CA in Mangalore help me to fill up this 15CA form?

Repatriation of surplus funds may be apt nature.

Originally posted by : ATUL U ANAVEKAR
	Dear Mr Arihanth,   Small doubt,, I understand that CA should issue certificate in Form 15CA and 15CB for tranferering funds from NRO to NRE. In Form 15CB, what should we mention has NATURE OF REMITTANCE. Secondly, it is mentioned in the circular that the tranfer is possible subject to payment of taxes,,,, what tax will such conversion attarct.

Dear Arihanth,

Thanks for your support. One last question wrt Form 15CB,  since the NRE and NRO accounts are miantained in India only, I belive country to which remittance is made would be India and currency would be INR.

Please correct if Iam wrong.

Yes, your correct. 

In this peculiar case of form 15cb/ca, the currency will be only INR. And also the remitter & beneficiary shall be the same persons.

HI,

CAN YOU PLS CONFIRM ABOUT THE TAX IMPLICATION ?

IE. FUNDS ACCUMULATED IN NRO ARE FROM DIVIDEND & INVESTMENT INCOME, WHICH WOULD SURELY NET OF TDS....AGAIN WHILE REMITTING THE FUNDS FROM NRO TO NRE....DOES ANY TAX DEDUCTION OR IMPLICATION ARISES ?

THANKS IN ANTICIPATION.......PLS REPLY

No Further Tax Implications on transfre of funds from NRO to NRE

Such remittance does not attract any other taxes apart from Income tax which in your case seems to have been covered in tds.

Arihanth Sir, thanks for sharing this valuable information. Can you please provide a detailed article on this form 15ca & form 15cb for benefit of all. Many of us have plenty doubts.

I have submitted all the required documents for NRO to NRE transfer including 15CA Form, Chartered Accountant duly signed and stamped 15CB Form, Transfer request letter and all the supporting copies of proof of transactions, but still I am facing problems for transferring funds from NRO to NRE.
 

Waiting for your response.

Swapnil Shah.