NRI OPERATION OF HIS INR FUND IN INDIA

ANYBODY ? PL. REPLY

/forum/nre-to-nro-126883.asp

Thanks for the NRI link mentioned by you.

But can you pl. guide specifically for this case, particularly wherein no FOREX is involved ?

It is merely an old INR fund, which have been accumulating since last many year by year as only interest income.

he is liable to file return if 

1) the gross interest income including all exceeds threshold exemption limit ( 1.6 lacs now)

2) TDS is deducted 

The NRI assessee interest income has been deducted as TDS & he is filing return since many years & also operating his bank A/Cs as a resident Indian -- --resulting no loss to Revenue Dept.  Is it ok.?

If not, what changes to be made in his bank A/Cs operations, investments, filing IT returns, TDS ETC. ?

Whether Sec. 115-I allows to continue all above operations as usual, without declaring himself as a NRI ?

If not, what are the consequences -- i.e. penalty etc. ?

thats not a issue with incometax, but the deposits and investments management may make u troublesome at the time of redemption, as the declaration there would be "resident" would not be true as per the current status, and they can deny to pay back in such situation.

it is always in favor of person to keep the records updated to the extent possible.

Thanxs & gratitude for your consistent reply.

Chapter XII-A of I.TAX elaborates rules for merely FOREX fund coming to India, by a NRI.

No operational rule is given about old INR fund of a NRI, rotating through his old bank A/Cs into simple old investments particularly in PPF, NSC, LIC & some private parties. So--

1. Will maximum TDS rate be applied for such interest income? What other implications are ? e.g. I.T. Return etc.

2. What changes to be taken according to FEMA in such cases, where no FOREX is involved ?

 Only some time, few INR from his own Indian bank A/C, converted to FOREX were remiited abroad to NRI for his family maintenance & survival there.

Other CACLUB members are also invited to solve my problems.

ANYBODY PL. SOLVE MY QUERIES

Is my querry not consistent ? PL. SOMEBDOY RESPOND

Thanks for your respose & shown interest. Pl. keep me informed other guide lines, coming to your notice from time to time in this regard.