NRO account

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This discussion addresses queries about Non-Resident Ordinary (NRO) accounts, suggesting that existing accounts can be converted rather than opening new ones. It also delves into understanding the 'Section E' figures found in Form 26AS, which represent high cumulative bank transaction amounts, potentially including cash mixes. The aim is to provide clarity on these figures for taxpayers and the general public.

sundeep

sundeep (Querist)

16 June 2020 Is it necessary to lose all other residential bank accounts after opening an NRO account

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

16 June 2020 No need for opening a new NRO account. Convert all the existing accounts as NRO accounts.

sundeep

sundeep (Querist)

24 July 2020 I have found my prevous F Ys years form 26 AS updated with adding "section E" wherein some very high figures > 10L is shown by Bank/s. what are these figures. what do they indicate and what should be done about it by a tax payer. The figure obviouly is a cumulative figure of bank transactions. But unclear as to which particular transactions. one more column says mix or cash. please explain in details so it could be shared amongst my friends and well wishers. Also it will help the general public qat large. Thanks in Advance.

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