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FCNR DEPOSIT INTEREST EARNED REPORTING IN ITR

ITR 506 views 3 replies

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

Replies (3)

@ 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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