I am currently a resident taxpayer with a foreign retirement account. There is a good chance that I return back to USA after 4 years and again become NRI.
In such a case, as per the rule 21AAA all accrued income will be taxed in the year preceding the previous year. Does this mean this will have an interest and penalty component? Do I need to amend the tax return?
My main question is: If I have a good chance (not sure) of becoming NRI again (before withdrawal) should I still opt for 89A?
I did not understand.
I am currently a resident and deciding to File 10-EE so that I can get relief 89A and defer tax on foreign retirement account income.
My question is whether I should not file 10-EE if I intend to become NRI again in 4 years.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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