PF account-NRI

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This query is : Resolved

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This discussion clarifies that while new PF accounts cannot be opened by NRIs, existing accounts can be continued. An NRI with a pre-existing PPF account can still make deposits and claim deductions on their Indian Income Tax Return, though this is optional. The implications for US tax filings are also touched upon, noting potential higher exemptions for foreign income.

CHANDRA V S

CHANDRA V S (Querist)

17 April 2024 Hi All,
i have query regarding the PF, Assessee is in USA and had account of PF and wants to continue by paying some amount into PF account and she doesn't have any income whether she needs to file the return or in USA she as to show the amount in invested in PF account.

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 April 2024 you cannot make deposits in your EPF account. if you have a pre-existing PPF account that was opened while the individual was a resident, then you can continue making deposits in such account.

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CHANDRA V S

CHANDRA V S (Querist)

17 April 2024 she as the pre existing PPF account when she was resident but whether we need show in the return in India or whether she can show in her return filing in USA.

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 April 2024 you can claim deduction in Indian ITR. But its a choice not a compulsion. With regards to the US, I believe there is a significantly higher exemption available for Foreign income. Not sure whether 80C investments would make any significant impact on that exemption.

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