Balasubramani (Senior executive) (90 Points)
25 May 2011Hello,
My client resident in india. He sold his premises 30 lakhs. After that that amount transfered to our foreign bank account.
please suggest
At the time of wire remittance form 15cb is necessary or not (if necessary purpose of remittance is what???
TDS is applicable or not.
Regards
v.Balasubramani
CS Bijoy
(Expert)
(6394 Points)
Replied 26 May 2011
According to me yes it is necessary for all foreign remittance.
Currently, remittances to non-residents are allowed by banks if the person making the remittance furnishes an undertaking, accompanied by a certificate from a Chartered Accountant (“CA”) certifying the rate for withholding tax as per section 195 of the Act. The banks then forward the certificates to the Reserve Bank of India (“RBI”), which in-turn forwards it to the Income tax department.
CAclubindia
