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Please Help: Income Tax

Posted Date : 26-Jun-2022 , 02:38:02 pm | Posted By: Prasad Balakrishnan

Category : Income Tax | Answers : 0| Comments : 3| Hits: 2425

An NRI maintained FCNR deposit and NRE deposit after his retun to India. These deposits are yet to mature and hence not yet converted to INR deposits.Since he is an Resident for the AY22-23 the interest on FCNR and NRE deposit will it have to be shown, if it should be shown then under what head, At what INR rate for FCNR interest has to be computed or will it all be exempt income till these deposits mature and close.

Comments
Posted By : SANJU 25-Jul-2022, 03:51:29
An Assessee's turnover for the P.Y. 2020-21 was Rs. 95 lacs. He was maintaining books of accounts. To avoid more tax liability he opted for Audit u/s 44AD and declared his profits lower than 8% for that year. Now in current year 2021-2022, the assessee's turnover has decreased to Rs. 80 lacs and the assessee want to declare his income by opting 8% of turnover and does not want to get his accounts audited. Kindly suggest, whether assessee can avoid mandatory audit u/s 44ad(5) by declaring his profits @ 8% u/s 44AD.
 
Posted By : CA Sagar Basu 19-Jul-2022, 06:01:11
As an NRI, one have to inform Authorised Dealer (AD) Bank with whom he/she holds banking accounts, about the change in residential status and have to deal with such bank accounts in the following manner: I. NRO Account: To be re-designated to Resident rupee account. II. NRE Account : To be re-designated to Resident rupee account or transfer the balance to Resident Foreign Currency Account (RFC a/c). III. FCNR a/c: Permissible to hold up to maturity and then to be converted into Resident rupee account or Resident Foreign Currency (RFC) a/c.
 
Posted By : AR Krishnan Associates 19-Jul-2022, 12:55:29
Yes. Interest from FCNR and NRE Deposit accounts would be exempt till these deposits mature.
 

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