Remittance of Money By Non-Resident Indians (NRIs), Foreign Citizens of Indian Origin (OCIs, PIOs) - From NRO Accounts To NRE Bank Account/Foreign Bank Account – Form 15CA and 15CB Services – Tax Consultant/CA Services In Delhi India
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 their NRE Bank Account in same bank or other bank
- Or to 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 ie:
- Application for outward remittance from NRO Account
- A2 Form (a Form under RBI Regulations)
- Form 15CB (A Chartered Accountant Certificate)
- Form 15CA (A Declaration By Remitter to Income Tax Deptt)
- Source of funds (in some cases)
- Passport Copy (in some cases)
NRI Tax Service Team
In relation to 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 eg limits of remittance of money from NRO account.
- Information to be submitted in A2 Form
- Providing CA Certification in Form 15CB
- Preparation & filing of Form 15CB and 15CA on web portal of Income Tax Department
- Assisting & advising in 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 ancilliary support services
Frequently Asked Questions Wrt Remittance of Money From NRO Account, Form 15CA, 15CB By NRIs, PIOs, OCIs etc
What are Forms 15CA & 15CB? Which Indian Authority regulate Form 15CA & 15CB? What is the purpose of Form 15CA & 15CB? Whether this is applicable to NRI, PIOs?
- Form 15CA & 15CB are Income Tax Forms.
- Section 195 of the Income Tax Act 1961 provides provisions for these Forms.
- Income Tax Authorities regulate and govern Form 15CA & 15CB.
- Form 15CB is a CA Certification, and Form 15CA is declaration by the Remitter.
- Section 195 provides TDS provisions on payments to Non-Residents (including NRIs, PIOs).
- As per this section, a Chartered Accountant verify the TDS deduction through Form 15CB.
- On the basis of Form 15CB, the remitter also verify & submit the details through Form 15CA.
- Hence, Form 15CB and Form 15CA are certification and declaration forms in relation to payments/remittance made to Non-Residents.
- Section 195 is not applicable on remittance by NRIs or PIOs from their NRO account to NRE account or foreign account. Bank requires Form 15CA and 15CB. Hence, NRI/PIO do needful for these forms and provide it to Banker for remittance of money.
- Both the forms are prepared and submitted online on the Income Tax Web Portal www.incometaxindia.gov.in.
- Chartered Accountant submits and ceritfies the Form 15CB with his Digital Signature Certificate (DSC).
- After submission of Form, CA download the Form and provide to NRI, OCI. NRI in turn provide the CA Certified Form 15CB to the Banker.
- Generally, NRI or PIO seeks services of Tax Consutant/Chartered Accountant for Filing of Form 15CA also. Accordingly, CA/Tax Consultant prepare the 15CA Form and submits it to the Income Tax Department through Income Tax Login Account of NRI.
How does Form 15CA & 15CB apply to NRI, OCI Transactions? Whether these Forms are applicable to NRI Money Remittance Transactions?
Form 15CA & 15CB are applicable to NRIs, when they receive any income in their bank account such as:
- When an NRI receives rental income from an immovable property in India.
- When NRI receives sale consideration on sale of an immovable property.
In such cases the payer need to deduct TDS as per the provisions of section 195 and submit Form 15CA & 15CB. However, due to ignorance of law or otherwise, payer does not file Form 15CA & 15CB at that time. Hence, at the time of remittance of money from NRO account, banker requires NRI to comply the procedure of Form 15CA and 15CB. Banker wishes to ensure, as per their internal control system, due reporting & tax payment on the remittance money is done along with Chartered Accountant certification.
What Do a Chartered Accountant ensure before submission of Form 15CA & 15CB? What are the steps that NRI/PIO takes for the purposes of submission of Form 15CA, 15CB?
Steps are as under:
- Providing latest 1-2 years bank statements to Chartered Accountant for his verification.
- Verification of source of funds.
- Calculation of taxable income, if any.
- Calculation of taxes on taxable income.
- Payment of taxes, if any.
- Filing of Income Tax Return, if applicable.
- Keeping a documentary record of all records.
If an NRI or PIO wishes to submit Form 15CA himself/herself, what are the steps for filing online 15CA?
Following are the steps for electronically online submission of Form 15CA:
- Login to Income Tax Web Portal www.incometaxindia.gov.in
- Login your account with user id and password details (User ID is PAN).
- Go to Efile option and select Form 15CA.
- Follow the instructions given to fill Form 15CA.
- Form is in 4 parts ie Part A, B, C and D.
- Fill the respective part with requisite details.
- Generally, Part C or D is filled & submitted for NRIs remittances.
- On filling of the form, submit the form on the portal.
- Take print out of the Form 15CA from and submit the same with the Banker.
- Banker may ask to sign it also.