RBI's Circular dated 7th MAy RBI/2011-12/536 has clarified about 1Mn transfer from NRO to NRE.... So whether Audit report in form 15CA/15CB is require or not in case of such transfer as remitter and receipient remains the same?????
RBI's Circular dated 7th MAy RBI/2011-12/536 has clarified about 1Mn transfer from NRO to NRE.... So whether Audit report in form 15CA/15CB is require or not in case of such transfer as remitter and receipient remains the same?????
This is peculiar case where form 15cb/ca compliance shall be requried.
Thank you sir....
And what about the nature of Remittance to be clarified in form 15CA and 15CB
Repatriation of surplus funds may be apt.
Transfer from NRO to NRE is not taxable and covered under List of 33 specified remittances as such For 15CA and 15CB are not required .
Nature /purpose of Remittance S-1301 Remittances by Non -residents towards family maintenance and savings .Remittances/transfers from NRO to NRE for purposes covered under specified list of 33 are not taxable.. Form 15CA Part A B and C are to be filled up when remittance are taxable and Part D when remittance is not taxable and not covered under specifies list of 33. Unfortunately banks are asking for 15CA and 15CB even if funds are to transferred from NRO A/c to NRE A/c.
In my view and in views of many professionals ,tax experts and even some bankers main and sole reason for insisting for unnecessary and irrelevant 15CA and 15CB forms is not to have any possible audit risk. These forms have nothing to do with sources of funds.
This issue needs to debated,discussed and examined so that there is clarity in the matter and we understand the correct position to avoid any confusion
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