08 November 2023
whether remittance made by NRI , maximum permitted under LRS out of His /Her NRO account maintain with their banker.
whether new TCS provision will attract NRE if funds are remitted out of NRO Account ? As such Banker Deduct maximum marginal TAX @30% + education cess ?
08 November 2023
For transfer of funds from NRO account form 15CA and 15CB has to be filed. TDS not applicable for this transfer. Self transfer of funds by NRI will not fall under LRS. CA has to certify by filing form 15CA that applicable taxes has been paid on the income remitted outside India.
13 November 2023
Agreed with your views. What Stand We Should take in case of bank Insist for TCS even though contention of bank is not legally correct. What remedy available for us to protect the interest of Assesse. Mahendra Doshi
24 November 2023
Resp Seetharaman JI Where is question of TCS on Assesse remit money from her NRO account to her USA account for foamily maintains. Bank Is Deducting 30% TDS on Interest earned TCS is normally levied on sale, service , leasing contract. It meance two the of taxes TDS ON income AGAIN TCS ON REMITING OWN MONEY Mahendra Doshi
25 November 2023
30% TDS applicable on NRO account file ITR and claim refund in case of excess TDS. TCS not applicable on own money transfer file 15CA 15CB.
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