Dear Sirs,
Me & wife have travelled from India to USA on Immigrant Visa in Sept 2016 & we will be getting the Green Card in a months time. We both are Senior Citizens.We have Savings Account & FDs in banks in India. The Banks will be paying Interests from FDs & the income from Interests for both us Individually will be within Taxable limits.I would appreciate if you can clarify the following:
1. Banks would not deduct any taxes as we had given Form 15H in April.16. When will the bank consider us as NRI & ask us to convert to NRO account? Indian bank & ICICI Bank(in which we have accounts) have told us before we left that we can change to NRO on our next trip to India. Banks are not particular we should intimate immediately. We could not given any intimation before leaving because unless we are admitted in USA after we reach USA we are not NRIs.
2. As a NRO account 30.9% is to be deducted from Interest apyments.Ofcourse we would get refund of all deductions as our income will be within taxable limit. (We have no other income), How Do I proceed now? We would like to follow the rules to extent possible.
Subramanain.V
(now in USA)
CAclubindia
