NRI REPATRIATION SERVICES

For NRIs and OCIs looking to transfer funds from their NRO Account to NRE Account or a Foreign Bank Account, banks require the completion of Form 15CA and 15CB. These forms are submitted online to the Income Tax Department. We offer assistance to NRIs in preparing and filing Forms 15CA and 15CB, with offices located in major cities across India. Additionally, we aid NRIs in facilitating communication with banks to ensure a smooth repatriation process.

For NRIs and other non-residents, such transactions typically involve repatriating funds from NRO accounts to NRE or foreign bank accounts. These transactions are governed by specific provisions under income tax and RBI regulations.

Under income tax provisions, two main categories of transactions requiring Form 15CA and Form 15CB submission are identified:

• When NRIs or PIOs remit money from their NRO Bank Account to NRE Account or Foreign Account.

• When Indian residents make payments to non-residents outside India, such as NRIs, foreign companies, OCIs, PIOs, and foreign citizens abroad, for various services or income elements.

In both cases, compliance with Form 15CA and Form 15CB is mandated by the Income Tax Act under Section 195. The necessity for these forms varies depending on the nature of the transaction and the presence of income elements.

For NRI remittances from NRO accounts to NRE or foreign accounts, TDS provisions do not apply, but banks still require Form 15CA and 15CB for compliance purposes. Conversely, when payments containing income components are made to non-residents, TDS withholding and submission of Form 15CA and 15CB are required. This responsibility falls on the Indian resident making the payment.

Our firm specializes in assisting NRIs and OCIs with these compliance procedures, ensuring accurate preparation and submission of Forms 15CA and 15CB. We verify the source details of remittances, ensure tax payments are made if applicable, and facilitate the smooth processing of remittances by providing all necessary documentation to the banks.

Additionally, we provide guidance on various income tax-related compliances that NRIs need to fulfill, beyond Form 15CA and 15CB, such as maintaining records of income sources, tax computations, and timely filing of income tax returns.

With our expertise, NRIs and OCIs can conveniently manage their financial transactions from abroad without the need to physically visit India, as all necessary procedures can be completed online with our assistance.