Query Regarding FORM 15 CB & FORM 15CA

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

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 ?

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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