31 May 2010
1.Is NRI is required to file Returns? 2. If not,is he required to maintain any domestic A/cs for some compulsory obligations Such as LIC,PPF, etc if he is holding NRE A/c? 3.What is the limit to remit the earnings from Foreign in india per year out of which he can make the payment?
01 June 2010
An NRI is required to file returns if he is having taxable income in India from other sources like bank interest,capital gains,business income etc. There is no obligation as such for him to maintain accounts unless he has activities that attract Sec 44AA of the IT Act 1961. There is no limit for inward remittance thro proper banking and other authorized channels.
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