New Tax Provision Enacted by Finance Act 2020 TCS – Section 206C(1G)
This query is : Resolved
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 ?
Mahendra Doshi C.A
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 ?
Mahendra Doshi C.A
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.
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
What remedy available for us to protect the interest of Assesse.
Mahendra Doshi
14 November 2023
Let the bankers consult with their auditor or their HO or Regional office.
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
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.
TCS not applicable on own money transfer file 15CA 15CB.
29 November 2023
Assesse filed above said form 15 CB on 27/11/2023 Appointment of my CA for 15 CB
for financial year 2023-2024.
While confirmation received by assesses for form(s) 15 CB received from income tax portal indicate Assessment year 2023-2024
There is no Colum in appointment of my C.A for Assessment year (only Colum for financial year)
same is also not appearing In Work list of C.A. Kindly advice
Mahendra Doshi
DATED 9/11/2023
for financial year 2023-2024.
While confirmation received by assesses for form(s) 15 CB received from income tax portal indicate Assessment year 2023-2024
There is no Colum in appointment of my C.A for Assessment year (only Colum for financial year)
same is also not appearing In Work list of C.A. Kindly advice
Mahendra Doshi
DATED 9/11/2023
29 November 2023
Raise grivance in the income tax portal.
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