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Q. > Please Help: Income Tax
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.
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AR Krishnan Associates
19-Jul-2022 , 12:55:29 pmYes. Interest from FCNR and NRE Deposit accounts would be exempt till these deposits mature.
CA Sagar Basu
19-Jul-2022 , 06:01:11 pmAs 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.