Hi
I have been NRI living in UK, since last 5 years and I have been investing through savings a/c in PPF, NSC, Fixed deposits, Mutual funds which is incorrect. Honestly I have not been guided correctly by my advisors and partly my mistake as i did not search the web for more information. Is there any way I can correct it? I have been filling my returns since last 5 yrs and my interest on investment has been 1.2 lakh, hence no tax. I have sold few mutual funds this year and created fixed deposits but through saving a/c.
Below are my financial investments
I have a property worth 50 lakhs. (Loan all paid off through NRE a/c), Fixed Deposits 27 lakhs in saving a/c, NSC 1.4 lakhs, Corporate deposits 6 lakhs, Bank balance in UK 8 thousand pounds, PPF 5 lakhs
Below are my questions
I have invested in PPF 70k each year since the last 5 years(3.5 lakhs), what needs to be done to correct it, in sense it is wrong to invest in PPF, going forward I shall not be investing but how is there any way I can correct it ? I would rather pay tax and do it correctly.
I have made fixed deposits worth 27 lakhs all created this year but from NRE to saving a/c and few from sale of mutual funds. How do I correct it as fixed desposits will mature in 3 yrs but in my saving a/c and I want to close my saving and open NRO?
Do I also need to notfy the corporates with whom I hold fixed desposits ? I am completely confused.
Your help is very much appreciated
Thanks
CAclubindia
