Chartered Accountants • Chennai Chambers 3, Periannamestri Street, Periamed, Chennai 600002
[email protected] ICAI FRN: [00XXXXS]
Tipu & Company Monogram Tipu & Company Chartered Accountants
Schedule Chambers Consultation
  1. Home
  2. Practice Areas
  3. FEMA, Cross-Border & NRI Taxation
Practice Vertical VI • FEMA, 1999 & DTAA

FEMA, Cross-Border & NRI Taxation

Regulatory compliance under the Foreign Exchange Management Act (FEMA), Double Taxation Avoidance Agreements (DTAA), and Non-Resident Indian tax provisions.

Executive Scope Overview

  • Examination of cross-border remittances u/s 195 read with applicable DTAA articles (Royalty, FTS, Dividends, Interest, Business Profits) and issuance of Form 15CB & Form 15CA.
  • NRI property sale taxation: Computation of Long-Term Capital Gains, applications for Lower/Nil TDS Certificates u/s 197 (Form 13), and NRO-to-NRE repatriation up to USD 1 Million.
  • Foreign Direct Investment (FDI) & Overseas Investment reporting on RBI FIRMS portal — Form FC-GPR, FC-TRS, Annual Return on Foreign Liabilities and Assets (FLA).
  • Residential status determination u/s 6 of the Income-tax Act and foreign asset disclosure schedules (Schedule FA & FSI).

Detailed Engagement Deliverables

Mandate 01

Form 15CA & Form 15CB Foreign Remittance Certification

Verification of underlying contracts, Tax Residency Certificates (TRC), electronic Form 10F, Permanent Establishment (PE) declarations, and RBI Purpose Codes for seamless AD Bank outward remittances.

Mandate 02

Non-Resident Indian (NRI) Tax & Repatriation

Advisory on sale of immovable property or securities in India, Section 54/54EC capital gain exemptions, Form 13 lower-withholding representation, and NRO balance repatriation documentation.

Mandate 03

FDI & RBI Regulatory Filings

Valuation certificates (DCF / NAV as applicable under FEMA Non-Debt Instruments Rules), FC-GPR share allotment reporting, FC-TRS share transfer filings, and FLA annual returns before 15th July.

Frequently Asked Statutory Questions

When is Form 15CB from a Chartered Accountant required for an outward foreign remittance?
Generally, when a remittance to a non-resident is chargeable to tax under the Income-tax Act, 1961 and aggregate remittances during the financial year exceed Rs. 5,00,000, Form 15CB certified by a Chartered Accountant (alongside Form 15CA Part C) is required under Rule 37BB.
How can an NRI prevent excess 20%+ TDS deduction on the entire sale consideration of Indian property?
Before execution of the sale deed and payment by the buyer, the NRI seller may apply in Form 13 under Section 197 of the Income-tax Act so the Assessing Officer issues a Lower TDS Certificate computing withholding tax strictly on actual capital gains rather than gross sale value.