How can a non-resident Indian (NRI) file earnings tax return (ITR) and e-verify it on-line since OTP (one-time password) messages can’t be delivered abroad?
—Rajiv Kaushik
NRIs can file their return on-line from wherever they’re based and verification can be accomplished by way of netbanking, which does not require an OTP.
My son, who’s an NRI, has a resident mounted deposit (FD) and I intend to differ this to non-resident atypical (NRO) account after the FD’s maturity which incurs a 30% tax. Can I convert this account to a non-resident exterior (NRE) FD, thereby avoiding tax implications?
—Name withheld on request
Once you progress abroad and intend to stay there for a future, it’s important to convert your entire resident accounts to non resident accounts along with any deposits held.
Interest earned on NRE deposits is exempt from tax. Please simply keep in mind to intimate the monetary establishment of the change in your residential standing and adjust to the foundations with respect to redesignating the accounts to non-resident as required.
Archit Gupta is founder and chief govt officer, Clear.in.
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