About the service
Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), Person of Indian Origin Residing Abroad (PIOs), Foreign Citizens Residing In India (Expatriates), often remit their money (lying in their Bank Account in India) from NRO Account to following:
· Either their NRE Bank Account in same bank or other bank
· Or to their Foreign Bank Account held by NRI/OCI in their home country outside India.
Form 15CA & 15CB are applicable to NRIs, when they receive any income in their bank account such as:
· When an NRI receives rental income from an immovable property in India.
· When NRI receives sale consideration on sale of an immovable property.
In such cases the payer need to deduct TDS as per the provisions of section 195 and submit Form 15CA & 15CB. However, due to ignorance of law or otherwise, payer does not file Form 15CA & 15CB at that time. Hence, at the time of remittance of money from NRO account, banker requires NRI to comply the procedure of Form 15CA and 15CB. Banker wishes to ensure, as per their internal control system, due reporting & tax payment on the remittance money is done along with Chartered Accountant certification.
· 1. Latest 1-2 years bank statements to Chartered Accountant for his verification.
· 2. Verification of source of funds.
· 3. Payment of taxes, if any.
· 4. Filing of Income Tax Return, if applicable.
Timeline of service
Form shall be filed within 4-5 working days from the receipt of the documents
Is there any
change in Income Tax Portal for submission of Form 15CA 15CB?
Yes. In June 2021, a new tax portal has been launched by the Income Tax Department. Since then Form 15CA and 15CB is generated and submitted on the new income tax portal i.e. www.incometax.gov.in.
2. What is UDIN? How To Get it for Form 15CA and 15CB of NRIs?
UDIN is Unique Document Identification Number. To keep track and avoid fraudulent transactions, the ICAI (CA governing body in India) has created a portal (www.udin.icai.org). Every certification by Chartered Accountants are required to be reported on this portal by the respective Chartered Accountant. Form 15CB is also CA Certificate. Hence, reporting of this Form is needed on this portal. Once it is so reported, a unique number is generated i.e. UDIN. Each bank verifies the 15CB form with this portal through UDIN. Hence, this way authenticity of form is verified.