RBI's Circular dated 7th MAy RBI/2011-12/536 has clarified about 1Mn transfer from NRO to NRE.... So whether Audit report in form 15CA/15CB is require or not in case of such transfer as remitter and receipient remains the same?????
CA Brijesh (Practice) (64 Points)
06 August 2012RBI's Circular dated 7th MAy RBI/2011-12/536 has clarified about 1Mn transfer from NRO to NRE.... So whether Audit report in form 15CA/15CB is require or not in case of such transfer as remitter and receipient remains the same?????
Arihanth Jain
(Chartered Accountant)
(1226 Points)
Replied 09 August 2012
This is peculiar case where form 15cb/ca compliance shall be requried.
CA Brijesh
(Practice)
(64 Points)
Replied 09 August 2012
Thank you sir....
And what about the nature of Remittance to be clarified in form 15CA and 15CB
Arihanth Jain
(Chartered Accountant)
(1226 Points)
Replied 09 August 2012
Repatriation of surplus funds may be apt.
A.L.Chaudhary
(RETIRED)
(47 Points)
Replied 03 November 2019
Transfer from NRO to NRE is not taxable and covered under List of 33 specified remittances as such For 15CA and 15CB are not required .
Nature /purpose of Remittance S-1301 Remittances by Non -residents towards family maintenance and savings .Remittances/transfers from NRO to NRE for purposes covered under specified list of 33 are not taxable.. Form 15CA Part A B and C are to be filled up when remittance are taxable and Part D when remittance is not taxable and not covered under specifies list of 33. Unfortunately banks are asking for 15CA and 15CB even if funds are to transferred from NRO A/c to NRE A/c.
In my view and in views of many professionals ,tax experts and even some bankers main and sole reason for insisting for unnecessary and irrelevant 15CA and 15CB forms is not to have any possible audit risk. These forms have nothing to do with sources of funds.
This issue needs to debated,discussed and examined so that there is clarity in the matter and we understand the correct position to avoid any confusion
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India