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Indian tax   Thanks   03/28/2017 01:20 PM  

I have deposited money in my domestic saving account in India.
Does anybody has any experience in filing tax return in India? Is this money accounted as black money?

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Re: Indian tax   sai   03/28/2017 01:26 PM  

is it cash deposit & how much

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Re: Re: Indian tax   NRO   03/28/2017 02:19 PM  

If you are NRI for tax purpose and your savings account is NRO then you are good, if your savings account is not NRO but Resident Savings account, then you are legally not allowed to hold the account, you either convert it to NRO or Close it. The reason being, any interest earned in NRO account is taxed at 30.9% flat rate irrespective of interest amount. You can check RBI website for more details around this rule, if you tell your bank that you are non resident they will ask you to fill FATCA form and convert your account to NRO. Also if you hold more than 10K USD equivalent in Indian account, you are suppose to declare those account in US Taxation as well as pay tax in US on any interest you earned in India. You may avail DTAA - Dual Tax Avoidance Agreement to reduce the tax payment on this.. I would suggest consult your tax consultant in both the countries.

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Re: Indian tax   Senthil   03/29/2017 08:23 AM  

You can convert the resident account to NRO account.No tax problem at all unless you deposited large cash.

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Re: Indian tax   Sri   03/29/2017 09:28 AM  

You need to File FBAR with IRS. Its just a recording that you hold amount in Foreign accounts...

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