Remittance of Money by NRIs, OCIs & PIOs

15CA 15CB NRI Tax Services Consultant – Outward Money Remittance By Non-Resident Indians (NRIs), Foreign Citizens (OCIs, PIOs) – From NRO Accounts To NRE Bank Account/Foreign Bank Account – Tax Advisory/CA Services In Delhi NCR, Mumbai, Chennai, Bangalore, Hyderabad, Gurgaon, Noida, Pune, Gujarat, Kochi, Kerala, Chandigarh, Ludhiana, Punjab, UP, HP, Dehradun, Other Major Cities India

Doing NRO Account Outward Repatriation is a general and regular requirements of various NRIs, OCIs. In this regard, NRIs look forward for 15CA 15CB form filing services, which is a prerequisite of Banks. In this regard, we assist NRIs in the preparation & filing of Forms 15CA 15CB with Income Tax Department in all major cities in India. Accordingly, we also assist NRIs in many cases for setting up a communication with Banks. In this regard, we do assist NRIs across India with our presence in all major cities in India.

NRI NRO Account Outward Remittance Transactions

Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), Person of Indian Origin Residing Abroad (PIOs), Foreign Citizens Residing In India (Expatriates), often remit their money (lying in their Bank Account in India) from NRO Account to following:

Either to their NRE Bank Account in same bank or other bank
Or their Foreign Bank Account held by NRI/OCI in their home country outside India.

When the NRI/OCI/PIO requests their bank for the remittance, their banker generally require some additional documents, i.e.:

Application for outward remittance from NRO Account
A2 Form (a Form under RBI Regulations)
Form 15CB (A Chartered Accountant Certificate) (to be submitted online on Income Tax Dept Portal)
Form 15CA (A Declaration By Remitter to Income Tax Dept) (To be submitted online on Income Tax Dept Portal)
Source of funds (in some cases) (with documentary support)
Passport Copy (in some cases)

NRI Tax Service Team

In relation to the above, NRIs/PIOs look forward for a Chartered Accountant or Tax Consultant to assist them in completion of above. We, NRI Tax Service, since many years providing full-fledged services to our wide range of NRIs, OCIs, PIOs, Expatriates, Indian Residents. We assist and advise our NRI clients on their various requirements, including:

Foreign Exchange Regulations e.g., limits of remittance of money from NRO account.

Information to be submitted in the A2 Form
Providing CA Certification in Form 15CB
Preparation & filing of Form 15CB and 15CA on the web portal of the Income Tax Department
Assisting & advising in the calculation of taxes, if any, payable on the money to be remitted
Payment of Taxes if any due on the money being remitted
All other incidental and ancillary support services

Also Read - How NRIs, OCIs Can Apply For Lower TDS Certificate For Sale Of Property In India?

Frequently Asked Questions Wrt Remittance of Money From NRO Account, Form 15CA, 15CB By NRIs, PIOs, OCIs, etc

What is the procedure (step by step) for submitting or filing the 15CA form online?

Following are the steps for electronically online submission of Form 15CA:
1. Log in to Income Tax Web Portal www.incometax.gov.in
2. Log in to your account with your user ID and password details (User ID is PAN).
3. Go to Efile option and select Form 15CA.
4. Follow the instructions given to fill Form 15CA.
5. Form is in 4 parts, i.e., Part A, B, C, and D.
6. Fill the respective part with requisite details.
7. Generally, Part C or D is filled & submitted for NRIs’ remittances.
8. On filling of the form, submit the form on the portal.
9. Take printout of the Form 15CA from and submit the same with the Banker.
10. Banker may ask to sign it also.

How much time it takes by CA or Tax Consultant to complete the process for preparation and filing of 15CA and 15CB? How much time bank takes for remittance of money thereafter?

An NRI, OCI, may approach the Tax Consultant or Chartered accountant for preparation and filing of Form 15CA and 15CB. It takes generally 1-3 days for CA or tax consultant to verify the documents and submitting of Form 15CA and 15CB. After submission of Form 15CA and 15CB, CA provides the acknowledgements to NRI. NRI provide the acknowledgements to Bank, and thereafter the Bank remit the funds immediately thereafter. Hence, in total, the 15CA and 15CB filing procedure and remittance by bank may happen in 2-4 days’ time.
Is there any change in Income Tax Portal for submission of Form 15CA 15CB?
Yes. In June 2021, a new tax portal has been launched by the Income Tax Department. Since then, Form 15CA and 15CB is generated and submitted on the new income tax portal, i.e. www.incometax.gov.in.

What is UDIN? How To Get it for Form 15CA and 15CB of NRIs?

UDIN is Unique Document Identification Number. To keep track and avoid fraudulent transactions, the ICAI (CA governing body in India) has created a portal (www.udin.icai.org). Every certification by Chartered Accountants are required to be reported on this portal by the respective Chartered Accountant. Form 15CB is also CA Certificate. Hence, reporting of this Form is needed on this portal. Once it is so reported, a unique number is generated, i.e. UDIN. Each bank verifies the 15CB form with this portal through UDIN. Hence, this way authenticity of form is verified.

Whether Non-Resident need to travel India for remittance of his funds abroad, or it can be done sitting outside India also?

NRI/OCI need not to be present physically in India to repatriate his funds from NRO account to NRE/Foreign A/c. Procedure can be initiated online or via email with the Bank. Wrt Forms 15CA 15CB, the same can be filed with the help of a tax consultant. We, at NRI Tax Service, assist NRIs, OCIs (via email/WhatsApp communication) in completing the procedure.

What help can Consultant provide in communication with Bank to complete the documentation and queries?

We, at NRI Tax Service, assist NRIs, OCIs for by making communication with banks wherever necessary. With certain prominent banks, we have experience to initiate the repatriation request with bank and then get it completed on timely basis.
We regularly assist and guide repatriation from India to Australia, USA, Canada, Singapore, UK, Europe, UAE, Gulf Countries, and Other various countries.

I am an NRI. I have recently moved from India (Hyderabad) to UK. I have some funds in India bank accounts (from my savings in India). I need funds abroad. How can I move these funds abroad to my UK bank account? What is the purpose of Forms 15CA 15CB in relation to remittance of funds?

Firstly, you need to convert your bank accounts and deposits in India into NRO account. From NRO account you can remit funds to your NRE account of Foreign Bank Account by following bank instructions. As per the Bank remittance procedure requirement, you would need to provide Forms 15CA 15CB to bank for enabling them to remit the funds.

What is the purpose of Forms 15CA 15CB in relation to remittance of funds? Why do bank require Forms 15CA 15CB for remittance of NRO funds to outside India?

Form 15CA 15CB are Income Tax Forms, which are filed through a Chartered Accountant (CA). CA verify and ensures that there is no tax payable on the funds being remitted. Hence, purpose of Forms 15CA 15CB is to assure that there is no tax liability payable in India and if any then the same needs to be paid first before submission of Forms 15CA 15CB. Hence, via Forms 15CA 15CB, bank ensures that in relation to remittance amount, tax status is duly verified by a CA and reported to Income Tax Deptt via Forms 15CA 15CB.

I am an OCI, and looking for repatriation of some fixed deposits funds lying in my NRO account in a bank account in Kolkata branch of State Bank of India. What are the documents and information required by a Chartered Accountant for verification and submission of Form 15CA & 15CB?

Chartered Accountant would need following documents and steps for the purposes of verification and submission of Forms 15CA 15CB:
1. NRO Account Bank Statement for recent 2-3 years
2. Income Tax login details as these forms are submitted online on tax portal
3. Remitter KYC docs i.e., passport copy and present address copy
4. Document in support of source of funds.
5. Calculation of taxable income, if any.
6. Calculation of taxes on taxable income.
7. Payment of taxes, if any.
8. Filing of Income Tax Return, if applicable.
9. Keeping a documentary record of all records.

I am an OCI, living and working in Canada since last 15 years. Recently, I have received some funds (Bank Account Deposits) as inheritance on death of my father. Funds are lying in my ICICI bank account in Chennai. What documents should I gather for the purposes of Forms 15CA 15CB and bank requirement to enable the remittance of these funds to my Canada Bank Account.

In relation to inheritance of funds, you should ensure following information and documents:
A. Closure statement of all Bank Accounts of your father, where the account was maintained by him.
B. Interest certificate from the same bank for interest earned during that respective year on those bank/deposit accounts.
C. Death certificate of your father.
D. PAN Card copy and address proof copy, if available.
E. File an ITR in India for the period till your father was alive to ensure tax compliance are duly done in India in relation to your father.
F. In addition to above, your own bank account statement, KYC docs and other information would be needed by the CA to complete the Forms 15CA 15CB.

NON RESDIENTS, NRIs NRO A/c REMITTANCE OUTSIDE INDIA 15CA 15CB SERVICES

NRI NRO Account Outward Remittance Transactions

NRI Tax Service Team

Foreign Exchange Regulations e.g., limits of remittance of money from NRO account.

Frequently Asked Questions Wrt Remittance of Money From NRO Account, Form 15CA, 15CB By NRIs, PIOs, OCIs, etc

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NRI Income Tax