NRI holding Indian saving accounts and Fixed Deposits

Yes, you should convert your accounts into NRO accounts immediately.

You can now only file IT returns for the FY 2015-16 and FY 2016-17.

Feel free to revert in case of any query or further consultancy. We may help you in filing the returns.

Yes, the deadline was 5th August.

We can file belated returns that will attract interests on the tax amount. That's the best we can do right now.

You'll have to get the statements to know the interest amounts.

Do you have any other income in India?

Also, what was the source of such deposits?

Not converting your accounts to NRO accounts is a violation of FEMA regulations and may attract penalty.

Hi,

Yes, you have to cover your savings account into NRO/ NRE account. Otherwise a penalty of thrice the amount involved can be levied under FEMA.

You can file belated returns for past 2 years. Let me know your income sources. We can help you in filing your returns in India

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com

See, there's always a possibility of any account being picked up for scrutiny. If that comes up, you may face some penalties for the earlier years. We can only rectify our mistakes now which are in our scope.

Also, if you have multiple accounts, keep one as NRO and rest as NRE. Interest earned in NRE accounts is exempt from tax.

Hello,

It is better if you convert your savings account to NRO. Seondly, file your returns till date and pay the due taxes with interest if any and you will be good. Nothing to worry as such.

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 better to give a letter to the Banker with other formalities like passport and convert the Account in NRO/NRE as the case may be. Better file returns for 2 years minimum and declare the interest on Deposits. If taxes if any pay the same

Hi,

You can file your return belatedly and pay appropriate tax and interest, if applicable. There should not be any penalty for the delay in converting your account into NRO account.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B

You can face penalties but chances are very low if you regularise your compliances.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com