MY SON IS A NRE AND HE HAS FCNR IN USD AND JPY CURRENCY. I WANT TO REPORT THEM IN EXEMPT INCOME IN RESPECTIVE CURRENCY. HOW CAN I REPORT THEM IN ITR-1 IN USD AND JPY CURRENCY OR DO I CONVERT THEM IN INR AT THE CLOSING RATE AS ON 31ST MARCH 2024
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FCNR DEPOSIT INTEREST EARNED REPORTING IN ITR
Replies (3)
Quick Summary
@ Sudhir Vardhan
An NRI can no longer use ITR-1 Form from last two or three years.
ITR-2 has to be used.
For AY2025-26, ITR-2 form is still not available, so you will need to wait.
Ranjan
Thanks for the response.
However my question on FCNR deposit Interest still needs clarity.
@ Sudhir Vardhan
You have to wait for the ITR-2 form for AY25-26 to be released.
It is very difficult to tell in advance, by anyone, what new reporting format would come in the form.
Regarding time available for filing ITR-2 for AY25-26, that also is a huge mystery since only ITR-1 and ITR-4 filing date has been extended.
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