Fema:nri
This query is : Resolved
22 July 2013
Can Pvt Ltd Company Get loan in Rupees from NRI Director's NRO Account?
If yes, what formalities needs to be checked?
If yes, what formalities needs to be checked?
22 July 2013
yes.. according to me it can b obtained....
formalities to be completed are...
1. Obtain Chartered Accountant (CA) Certificate in Form 15CB
Select and Consult a Chartered Accountant
Explain your situation
Provide documentation/explanations
CA will verify the source of funds and whether income tax is deducted and/or paid
On verification, CA will issue certificate in the prescribed Form 15CB
2. Submit Form 15CA online
Access www.tin-nsdl.com
Click “Services” and then “Form 15CA”
Read Guidelines and familiarize with Form 15CA requirement
Click “Form 15CA (Online Filing)” in the Forms section
Fill up all the information as required
Click “Proceed”
Please review the details and then confirm to upload the form electronically
On Confirmation, the form is electronically submitted to the Income Tax Department
Form 15CA with an Acknowledgement No. is generated
Print and sign the form
3. Submit documents to Authorized Dealer/Bank where NRE accountis kept
Form 15CA
Form 15CB
Check (cheque) or Demand Draft for the amount
Request letter or Form as per respective bank’s requirement
Complete any other document, requirement or formality
4. Transfer: On verification of submitted documents, Bank will process the transfer and credit NRE account.
Timing:
Obtaining CA certificate is the most important and most time consuming step. Each CA will have his/her own procedures to verify the source(s) of funds and whether source is tax exempt and/or income tax is paid. Once you complete Step # 1 (obtain CA certificate in Form 15CB), other steps could be completed within a day and mostly the same day.
formalities to be completed are...
1. Obtain Chartered Accountant (CA) Certificate in Form 15CB
Select and Consult a Chartered Accountant
Explain your situation
Provide documentation/explanations
CA will verify the source of funds and whether income tax is deducted and/or paid
On verification, CA will issue certificate in the prescribed Form 15CB
2. Submit Form 15CA online
Access www.tin-nsdl.com
Click “Services” and then “Form 15CA”
Read Guidelines and familiarize with Form 15CA requirement
Click “Form 15CA (Online Filing)” in the Forms section
Fill up all the information as required
Click “Proceed”
Please review the details and then confirm to upload the form electronically
On Confirmation, the form is electronically submitted to the Income Tax Department
Form 15CA with an Acknowledgement No. is generated
Print and sign the form
3. Submit documents to Authorized Dealer/Bank where NRE accountis kept
Form 15CA
Form 15CB
Check (cheque) or Demand Draft for the amount
Request letter or Form as per respective bank’s requirement
Complete any other document, requirement or formality
4. Transfer: On verification of submitted documents, Bank will process the transfer and credit NRE account.
Timing:
Obtaining CA certificate is the most important and most time consuming step. Each CA will have his/her own procedures to verify the source(s) of funds and whether source is tax exempt and/or income tax is paid. Once you complete Step # 1 (obtain CA certificate in Form 15CB), other steps could be completed within a day and mostly the same day.
22 July 2013
We are getting money in our account...still we need to file 15CA & 15CB?
We want to know, whether any points in FEMA or Companies act are violated?
We want to know, whether any points in FEMA or Companies act are violated?
23 July 2013
according to me thr's no violation.. i thought u need complete procedure that's y told u the same... for just money transfer thr's no need to file 15 ca & 15cb...
Message likes :
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23 July 2013
Grateful to you for your assistance. Thank you
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