Tax Consequence..
This query is : Resolved
20 February 2011
Before becoming a NRI , resident individual having saving account in different bank in India. What if NRI remits his income from aborad to this saving account which were there before he became NRI??? Is it taxable????
CA PARAS BAFNA
(Expert)
20 February 2011
Technically, he has to inform his bankers to
convert his savings account into NRO A/c
within a prescribed period.
*
As his status is NRI and after receiving the income there, he is remitting his income after paying taxes in that country, so it can't be said as income accrued or arise in India.
*
As such no tax is leviable on remittance.
convert his savings account into NRO A/c
within a prescribed period.
*
As his status is NRI and after receiving the income there, he is remitting his income after paying taxes in that country, so it can't be said as income accrued or arise in India.
*
As such no tax is leviable on remittance.
Guest
Guest
(Expert)
20 February 2011
Remittances from abroad is not taxable but interest in these accounts will be taxable.
22 February 2011
Thanks for your valuable reply....
since NRI doesnt converted so saving account into NRE or NRO and continues to remitt in that account??? then in this case can section 69 attracted???
since NRI doesnt converted so saving account into NRE or NRO and continues to remitt in that account??? then in this case can section 69 attracted???
Guest
Guest
(Expert)
22 February 2011
No, if the remmitances are genuine.
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