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Nre/nro accounts

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(Querist)
02 August 2011 Is it mandatory for NRI's to open NRE/NRO accounts. Can an NRI transfer foreign income earned from abroad to a regular savings bank account in India.

What is the implication of taxability of said income and interest accrued on the foreign income transfered to a regular savings bank account thereon?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
02 August 2011 The interest of NRE A/c is exempt whereas the interest on ordinary savings account is taxable. That's why NRE a/c is a better place for parking the amount remitted as it will not attract any tax.


In regular savings account, interest will be taxable.
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Nishitbangera

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Nishitbangera (Querist)
03 August 2011 Thanks Pararji! That was a crisp reply.
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O.D.SHARMA

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O.D.SHARMA (Expert)
03 August 2011 As NRI you cannot have normal saving account & saving account to be converted NRO.That bears 30% tax.The status of resident will have to be reflected to NRI along with NRO Banking account.
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