Filing of Form 15CA (Rule 37BB)

[Indra Kumar S]

Sub: Filing of Form 15CA (Rule 37BB under S. 195(6).

Query:  If a Non-resident Indian requires a transfer of funds from the accumulated balance in his NRO account in India to his own account in the country of his current domicile, does the requirement of filing Form 15CA, arise?  If yes, who has to file Form 15CA, the NRO account holder or the Bank transferring the funds in foreign currency?

Kindly assist me to understand the position.

[Dhirendra Srivastava]

Dear Mr. Indra

 

The basic purpose of Form 15CA is to ensure the proper compliance of withholding provisions.

In your case There are no TDS implication no form 15CA is required.

Other views are welcomed.

 

CA Rahul Srivastava

AI Summary

Form 15CA filing not required for NRO to foreign account transfers where no tax withholding obligation exists. Form 15CA serves to evidence compliance with tax withholding obligations on payments to non-residents; where an outward transfer from an NRO account to the same individual's foreign account does not attract any withholding tax, the obligation to file Form 15CA does not arise.