My Client has not yet open his NRO account in india and he trasnferred some money to his savings Account India. for F.Y. 2016-17 (ay 2017-18) his ITR 2 as NRI. though there is no problem in Income Tax Act but i have doubt whether he could face any penalty in FEMA act after filing his ITR. thanx in advance.
1 Replies
neeraj gupta
(1138 Points)
Replied 28 June 2017
yes to comply with FEMA he should change the resident account to NRO asap. It should not create much trouble if he hasn't done any activity not allowed to NRIs.
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