17 July 2018
One of my relative work abroad from last five years. He does not have NRI and NRE account in india. What ever he earns abroad he transfer to his SB account. He has not filled any Income tax return. He does not have any income from India. He does not even have income from other sourse other than income from SB account Interest. He doesnt even have the PAN. 1. Does he needs to file the return? 2. Does he needs to open NRI or NRE account?
17 July 2018
1 If his interest from sb account less than 2.5 lacs no need to file return. 2 SB account has to be converted as NRO account.. SB account can't be continued. 3 Foreign remittance may be kept in NRE account to earn higher interest and for repatriation.
17 July 2018
Person left India have to necessarily convert his SB account as NRO account. NRO account is for crediting Indian income. NRE account is for remittance of foreign income and which can be repatriated and earning higher rate of interest and tax free.
CAclubindia
