Master in Accounts & high court Advocate
9610 Points
Joined December 2011
Congratulations on your upcoming NRI status! To answer your questions: 1. Is it mandatory to have an NRO account to get an income tax refund? No, it's not necessary to have an NRO account to receive an income tax refund. You can receive the refund in your existing resident savings bank account. 1. Can I get a refund into my existing resident savings bank account? Yes, you can receive the refund in your existing resident savings bank account. However, please note that: a. The refund will be in Indian Rupees (INR). b. The account should be in your name (the taxpayer's name). c. Ensure your bank account details are updated in your income tax records to avoid any delays or issues. Once you become an NRI, you'll need to notify your bank and update your account status to an NRO (Non-Resident Ordinary) account. This will help you manage your income and taxes in India. Please consult a tax expert or chartered accountant for personalized advice on your specific situation. Additionally, you may want to consult your bank to understand their requirements and procedures for NRI account holders.