Regarding domestic bank account for NRE

Dear Sir,

As discussed by you you do not hold resident status and a party who do not hold residential status cant have a domestic bank account and if any held by him earlier need to be converted into NRO / NRE Account.

So either you close all domestic account or convert them into NRO / NRE Account. However you are allowed to keep joint account with any resident subject to you are second holder of account

In that case the total income tax payable without any deduction shall be Rs. 2,09,090/- .There is no penalty for filing wrong return unless you have defaulted in tax payment.

Hello Akarshan,

It is not necessary to close down all the Bank Accounts.

You may have to shell out Rs. 210,000/- approximately excluding Interest.

There is no penalty for filing wrong returns, the penalty is only if you evade taxes.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

Sir,

This amount is nothing but maintenance expenses for your family. You can show this amount as gift to your father and it will be exempt.

Dear Akarshan,

I am not sure about your individual accounts but certainly you can keep your joint bank accounts in India even if you are an NRI.

If you are a resident in a particular year, you have to pay taxes as per the slab.

Please feel free to call/ revert in case of any doubts

Thanks and Regards

Abhishek Dugar

CA CS B.Com

I think this query is already answered by other experts.

Hello Sir,

There is no issue in you transferring the money into your fathers account as it is already a tax paid amount by you.

He need not show it in his returns.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP