15CA and 15CB For NRIs/OCIs

15CA and 15CB For NRIs/OCIs

Background:

In many cases, NRIs/OCIs receive/hold money in India in their Indian Bank Account i.e. NRO account.

  • This money is generally out of the funds remitted by NRI/OCI sometime back out of their foreign account or this money is received as an income on some investments in India e.g. rental income or interest income.
  • In many cases, NRI/OCI receive money in their Indian Bank account i.e. NRO account from the sale of their property or investment in India.
  • Since, NRI/OCI need money abroad, hence, they wish to remit the funds from their NRO account in India to Foreign account abroad.
  • Also, in many cases NRIs/OCIs plan to remit funds from NRO account to NRE account where they can earn similar return without the exposure of Indian Taxation. Also, remittance from NRE account to Foreign account can be done anytime very conveniently.
  • Now, when NRI/OCI wish to remit his/her funds from NRO account to NRE account or Foreign Account, the banker in India demand certain paper formalities. Of these requisite documents, two main documents are Form 15CA and Form 15CB.

Form 15CA and Form 15CB:

  • Form 15CB is a Chartered Accountant (CA) Certificate, where the information about nature of income and its taxation is mentioned.
  • Form 15CA is a declaration by the remitter, which is based on form 15CB.
  • The CA verifies the details of nature of source of remittance and ensure that the taxes are duly paid in India, if any applicable.
  • After the verification process, the CA prepare the Form 15CB (which is an online process) with all requisite details i.e. amount, bank, remitter and beneficiary, nature of transaction etc and submit the form 15CB online.
  • On the basis of 15CB itself, 15CA form gets submitted on the Income Tax Department portal online. Generally, this form is also submitted with the assistance of CA.
  • On submission of these two forms, acknowledgement of same is generated, which is provided to the Banker for processing of remittance.

Where Can S Lohia & Associates be helpful:

  • S Lohia & Associates is a chartered accountant firm and it can be helpful in complete process of Form 15CB and 15CA.
  • I am an NRI and I am planning to remit my funds, lying in Indian Bank Account, to abroad. How can I do this? Can you help me?
  • I need a consultant or chartered accountant for fulfilling the requirement of preparation and submission of Form 15CB and 15CA?
  • What is the process of Form 15CA and Form 15CB for NRIs/OCIs?

 

Contacts

S LOHIA & ASSOCIATES Chartered Accountants 
Address : 1301, Naurang House (13th Floor),
21 Kasturba Gandhi Marg,
Connaught Place, New Delhi 110 001.
Tel No. : +91-11-43505250, 66095250
Tel Fax No. : +91-11-43505250
Mobile No. : 9810353219,9910353219
Email Us: sulabhlohia@slohia.com