Forum: 0 Subject: Re: Too late for NRE account? Sender: E Date: 2017-08-07 23:54:19

Its not too late.. you can open now and who do you think will ask you for fine? Ideally you will need to convert any of your existing resident savings account to NRO account so that tax on interest earned on income is taxed at about 30.9% going forward.. for past, check how you filed your income tax returns, if you haven't filed for past 3 years, you can file now or you may need to amend.. talk to your CA or person whoever is filling your returns.. ideally, ignore what happened in past and correct from now.. don't keep any resident savings account, either convert to NRO or close them.. If you have any income in India or anybody needs to give you money in India, you will need NRO account.. NRE account is tax free but you can only deposit foreign currency and not INR..

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