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Query Regarding FORM 15 CB & FORM 15CA

Sandy (Accountant) (35 Points)

28 February 2011

will you pls tel me is it mandatory to file and if not filed then whats d penalty on that ?

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CA. Anuj Gupta (Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA) (7024 Points)
Replied 01 April 2011

The same is mandatory and although no penalty has been prescribed but the bank shall not allow to remit money without the same.

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A.K.Agrawal (Investments & Finance) (132 Points)
Replied 28 April 2011

Pl. reply what penalties in case the person went abroad, leaving behind his fund & bank a/cs to be operated for investment to private parties on interest, by his father as his Power of Attrony holder, in due course became NRI---

1. Ordinary INR BANK A/Cs is not converted to NRO BANK A/Cs ?

2. Old capital invested on interst for ordinary TDS rates i.e. 10.3%.

3. Regularly submitted IT returns without filling Residential status, Showing income from other sources.

4. Accumulated tax net off fund is required to be remitted for his sons family maintenance & house purchase abroad. So whether form CA & CB are relevant & essential for submission ?

5. What irregularities & penalties under FEMA & INCOME TAX ?

CA. Anuj Gupta (Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA) (7024 Points)
Replied 28 April 2011

Originally posted by : A.K.Agrawal
	Pl. reply what penalties in case the person went abroad, leaving behind his fund & bank a/cs to be operated for investment to private parties on interest, by his father as his Power of Attrony holder, in due course became NRI--- 1. Ordinary INR BANK A/Cs is not converted to NRO BANK A/Cs ? 2. Old capital invested on interst for ordinary TDS rates i.e. 10.3%. 3. Regularly submitted IT returns without filling Residential status, Showing income from other sources. 4. Accumulated tax net off fund is required to be remitted for his sons family maintenance & house purchase abroad. So whether form CA & CB are relevant & essential for submission ? 5. What irregularities & penalties under FEMA & INCOME TAX ?

Income tax department can initiate action for disclosing untrue facts and also can treat the returns so filed null and void .

Form 15CA and CB should be required in this case by the bank . Also RBI can inititate penalty proceedings wherein the penalty amount can range from 100% to 300% of amount involved. However normally the RBI is not so severe such cases and it may also offer compound the offence.

Anuj

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