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



Answer Query



Company
29 August 2026
Chartered Accountant

Velionit Consulting PVT LTd

Mumbai

CA

View Details
Company
ARTICLESHIP 07 September 2026
Article/ Paid Assistant

Murali and Sumeet Chartered Accountant

Bengaluru

CA Foundation

View Details
Company
18 September 2026
Accounts & Finance Specialist

ULTRA CHEMICAL WORKS

Thane

CA Final

View Details
Company
ARTICLESHIP 16 September 2026
CA Article Trainee

SR BAGAI & Co.

New Delhi

CA Inter

View Details
Company
15 September 2026
Client-site CA associate

Aditya Muley and Co

Mumbai

CA

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
Featured 21 September 2026
Consultant - Reporting

Finrep Advisors LLP

Mumbai

CA

View Details
Company
28 August 2026
Audit Manager

K A R M & CO

Mumbai

CMA

View Details