31 August 2016
Indian NRI who comes back to India in March 2014. He had NRI fixed deposit but does not renew further and transfers the funds to local savings account in August 2016 and placed the amount in fixed deposit savings. He will now file tax returns for income (interest) earned in 2017. Question is that is he liable to file returns for 2014 to 2016?
01 September 2016
as he came back in March 2014, he was NR for 2014 for the purpose of Income tax. However as per FEMA he was not NR as his intention was to settle down in india. So NRE interest is taxable u/s10. . He should have trf his NRE deposit to RFC account on permanent settlement in india. He should file returns from 2014-16.
CAclubindia
