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NRE Fixed Deposit

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Gaurav Jain

20 Points Posted on 29 March 2022

I am a NRI. I did one NRE fixed Deposit (10 lacs) in 2020. It also got matured in 2021 and paid back to my NRE account.

Today I got a Sms from Income Tax department that

Attention XXX (PAN XXXXXX)
Based on available information with Income Tax department, it appears that you were required to file ITR for A.Y. 2021-22 but have not filed yet. Please file your ITR or submit online response under e-Campaign tab on Compliance Portal. Access Compliance Portal after login to the e-filing Portal (https://www.incometax.gov.in), go to "Pending Actions" tab, click on "Compliance Portal" and select "e-Campaign (AY 2021-22 onwards)". On Compliance Portal, under e-Campaign list, view campaign type 'Non-Filing of Return'. - ITD

If I check Compiace portal, There is an Entry of Purchase of time deposits (SFT-005). Which Option Should I select there?

Am I liable to pay taxes even though It got paid back fo my NRE account? Please suggest.

Replies (4)

Quick Summary

An NRI received an Income Tax notice for not filing their ITR for AY 2021-22, despite maturing an NRE Fixed Deposit and returning the funds to their NRE account. They are unsure if they are liable for taxes and how to respond to the 'Purchase of time deposits' SFT-005 entry on the compliance portal. Other users are seeking advice on similar situations.