Nre a/c

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
01 August 2013 I have a NRE A/C but i have returned back to India 3 yrs back . I was not aware that i have to inform the bank once i returned.
Now can i still maintain that A/C or have to cloce my A/C
secondly what r the taxes appliclable to me n if any penalty i have to pay
pls reply soon

01 August 2013 now you cannot maintain such a/c as you have become resident and only nri is permitted to continue such a/c.

no taxes penalty is applicable.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
02 August 2013 Thanks for ur response
Can u pls let me know how much tax i have to pay n also the penalty

02 August 2013 on closing a/c no tax and penalty is applicable.

but if u use this money for earning income in india after becoming resident then it will be taxable.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
02 August 2013 Thnx 4 ur quick response n i appreciate u
U mean i can close my A/C now without any taxes or penalty n then after becoming a resident i have to pay taxes on my money

02 August 2013 after u became resident if you use this money for earning income then it will be taxable and not now.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
02 August 2013 Sorry i am not still getting u ,
I am getting interest on my A/C now so i have to pay taxes on that.
n after becoming a resident i will continue to use my money in the same bank so shall i have to pay taxes from that time only



01 September 2013 When you returned to India you must have opened NRO A/c and thereafter that very account is converted into NRE a/c. If you do not have any plan to go back to the country from where you have returned to India then you should close this NRE a/c as you are not receiving any foreign remittances. Once you close you have to transfer the balance in regular account to keep the continuity of the bank balances.

No tax no penalty on closer


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro

Follow us
add to google news


Answer Query



Company
ARTICLESHIP 14 July 2026
Article Assistants

R Shyam and Associates

New Delhi

CA Final

View Details
Company
ARTICLESHIP 11 July 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
25 June 2026
AUDIT MANAGER

JDAS & ASSOCIATES

New Delhi

CA

View Details
Company
29 June 2026
Accountant (Finance & Compliance)

TRIEYEZ

Kolkata

CA

View Details
Company
14 July 2026
Senior Executive/ Manager

H S SHARMA AND CO

Pune

CA Final

View Details
Company
06 July 2026
Accountant

Agarwal Anoop and Associates

Noida

CA Final

View Details
Company
ARTICLESHIP 30 June 2026
2 posts Article assistant and Articleship completed students

Chirag N Shah & Associates

Mumbai

CA Inter

View Details