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FBAR for saving Account   MG   04/07/2017 08:19 AM  

what is the requirement of FBAR for saving account in India having more then $10 k as saving .

Any tax professional on this forum?

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Re: FBAR for saving Account   desihelp   04/07/2017 09:14 AM  

I am no tax professional but I do file FBAR for myself.. Basically if at any point of time in a year, if total amount in your foreign bank account was equivalent to USD 10,000 then you are required to file FBAR and list all accounts with maximum value during that year.. Its very easy and simple form, you just need to make sure you have all bank account statements handy so you can lookup figures.. Just one small caveat, if you are intending to file FBAR, make sure you report interest earned in your tax filing as income and pay taxes on it.

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Re: Re: FBAR for saving Account   ??   04/07/2017 10:02 AM  

Does that count FD or RD, money earned in INDIA or just transferred from USA?

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Re: Re: Re: FBAR for saving Account   desihelp    04/07/2017 10:13 AM  

This includes every single rupee you earned in India. Basically anything that's income. If you read FBAR guidelines, you will get more clarity.. No need of tax expert unless your situation is complicated.. I do it myself..

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