NRO accounts are one of the best features the banking sector has to offer. It gives an NRI the option to open an account in India that can be jointly managed by a resident also. It also provides you the option of easy redesignation of the account in case you become a resident in future. The Indian Government allows you to repatriate up to a million USD per financial year. In order to remit funds from your NRO account you have to follow the procedure given below:
• Get Documents- There are two documents that you need to submit for remitting funds from your NRO account. These documents ensure that proper taxes have been collected on the funds before remitting them abroad. This is done because it is difficult for the government to collect taxes after the funds are remitted abroad. You must be careful to get these documents in the correct order and also fill them up correctly with the required information.
• Submit Form 15 CA- In this form detailed information about the remitter like his name, address, permanent account number and details of the account where funds will be remitted. It also contains information about the accountant responsible for verifying the form 15 CB. You have to submit the form online on the Tax Information Network website. After you submit the form you will then receive an acknowledgement. You will need to take a printout of this acknowledgement and sign it wherever required. Then you need to submit this signed acknowledgement at the bank along with the Form 15 CB.
• Submit Form 15 CB- This form is actually a certificate that you need to get from a chartered accountant. It certifies that you have made all your tax payments levied on the funds that are going to be remitted. In case that you are availing lower rates of TDS under the policy of Double Taxation Avoidance Agreement, the chartered accountant may ask for your Tax Residency Certificate. If that happens you will need to attach a copy of it and submit it to the chartered accountant. The accountant will verify the documents and then approve this form. After that all you need to do is submit this form to the bank.
So, in order to remit funds from your NRO account the first thing you need to do is procure the required documents. The form 15 CA is available online. You just have to give your detailed information and submit it online. The next step is to print the acknowledgement received after submitting the form. Then you need to go to an accountant to certify your tax payments on the Form 15 CA. This you need to attach to the signed acknowledgement and submit it to the bank.
• Get Documents- There are two documents that you need to submit for remitting funds from your NRO account. These documents ensure that proper taxes have been collected on the funds before remitting them abroad. This is done because it is difficult for the government to collect taxes after the funds are remitted abroad. You must be careful to get these documents in the correct order and also fill them up correctly with the required information.
• Submit Form 15 CA- In this form detailed information about the remitter like his name, address, permanent account number and details of the account where funds will be remitted. It also contains information about the accountant responsible for verifying the form 15 CB. You have to submit the form online on the Tax Information Network website. After you submit the form you will then receive an acknowledgement. You will need to take a printout of this acknowledgement and sign it wherever required. Then you need to submit this signed acknowledgement at the bank along with the Form 15 CB.
• Submit Form 15 CB- This form is actually a certificate that you need to get from a chartered accountant. It certifies that you have made all your tax payments levied on the funds that are going to be remitted. In case that you are availing lower rates of TDS under the policy of Double Taxation Avoidance Agreement, the chartered accountant may ask for your Tax Residency Certificate. If that happens you will need to attach a copy of it and submit it to the chartered accountant. The accountant will verify the documents and then approve this form. After that all you need to do is submit this form to the bank.
So, in order to remit funds from your NRO account the first thing you need to do is procure the required documents. The form 15 CA is available online. You just have to give your detailed information and submit it online. The next step is to print the acknowledgement received after submitting the form. Then you need to go to an accountant to certify your tax payments on the Form 15 CA. This you need to attach to the signed acknowledgement and submit it to the bank.
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