Here are the questions from the public which have been answered to solve the query. Let us read them here-
I am a non-resident Indian (NRI). I have non-resident ordinary (NRO) and non-resident external (NRE) bank accounts in India. I want to transfer my NRO account balance to my NRE account held in the same bank. According to the notification by the Central Board of Direct Taxation (CBDT), Forms 15CA or 15CB are not required for this. However, the bank is asking me to submit them. The bank is justifying by citing strict penalties and disclosures required by the Reserve Bank of India (RBI). What is the correct position? How should I go about transferring the balance from one account to the other?
This question is asked by A.L Chaudhary
The RBI is allowing the customers to transfer their balances from NRO account to NRE account but it should be within the limit of 1$ million in one financial year. Also, you must ensure that you have paid the taxed before you transfer these funds. And to do it, two forms namely, 15CA and 15CB will be required to get submitted to the bank.
I am an NRI. I was previously employed in India, and want to withdraw my Employees’ Provident Fund (EPF) balance. I had completed five years of service with my previous employer. Can I file a withdrawal claim and give the details of my NRO account for the transfer of the EPF balance? Would there be any additional tax deduction at source (TDS), considering the funds would be transferred to an NRO account?
This question is asked by Rohit Narula
After the completion of 5 years in service, you are eligible to withdraw the balance without even facing the tax incidence. If you have been out of the job since 60 days or more, you can do it easily. But if you don’t withdraw it, you can enjoy the interest.