29 March 2012
X is working in Muscat, Oman , he is having a saving bank account in federal bank Ltd, he sends 50000/- month to his account ? is there any problem sending money to saving account? shoud he take NRI account? What are the advantage of it?
29 March 2012
IF MR.X IS NRI, THAN IT IS MUST FOR HIM TO HAVE NRE ACCOUNT. NRI'S ARE NOT PERMITTED TO HAVE NORMAL SAVING BANK ACCOUNT. IT SEEMS HIS BANKER DOESN'T KNOW THE STATUS OF MR.X.
REMMITTANCES IN NRE ACCOUNT ARE TAX FREE. WHERE AS IN SAVING BANK ACCOUNT IT IS TAXABLE. BECAUSE THE RESIDENTIAL STATUS IS GETTING CHANGED.
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