Hello Professional Colleagues,
I want to know what happens to my NRE account once i return back to INDIA permanently.
I am set to return on 17th October 2017 (was out for employment). As per my understanding of the provision mentioned in the IT act relating to residential status, i will continue to be NRI for F.Y 2017-18 since my stay in INDIA for F.Y 2017-18 will be less than 182 days. Also, i will not be satisfying the second basic condition : 60 days or more in F.Y 2017-18 and 365 days in preceding 4 previous years.
Do i need to convert my NRE account to normal savings account in F.Y 2017-18 itself ??
If yes, then what happens to any arrears that i receive from my overseas employer with regards to full and final settlement after i reach India ? Will it be taxable ?
Thanking you'll in advance.
CAclubindia
