General Insurance. Home Loans. Loans against Fixed Deposits. While NRE Accounts score higher in terms of ease and tax-exempt status, NRO Accounts can be more convenient if regular operations in India are required along with receipt of credits into the bank account from the income sources within India.
The information provided in this article is for informational purposes only. You may consider consulting tax professionals for specific guidance for the applicable Income Tax rules for you, as tax benefits are subject to changes due to change in tax laws.
The tax laws as stated above are updated till Finance No. The contents of this document are meant merely for information purposes. The information contained herein is subject to update, completion, revision, verification and amendment and the same may change materially. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations.
Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service.
Please obtain professional legal, tax and other investment advice before making any investment or availing any product and services Any investment decisions that may be made by you or any decision to avail any product and services shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The information set out in this document has been prepared by ICICI Bank third party based upon projections which have been determined in good faith by lClCl Bank third party and from sources deemed reliable.
There can be no assurance that such projections will prove to be accurate. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Andrew wanted to know more about these accounts that Mahesh was handling despite being abroad.
So, Mahesh explained further:. If your total income includes income earned in India and you want to manage it within the country, you can opt for an NRO account. An NRE account can be opened if you want to transfer your foreign income to India and want to avoid taxation liabilities. At your request, you are being redirected to a third party site. Please read and agree with the disclaimer before proceeding further.
This is to inform you that by clicking on the "Accept" button, you will be accessing a website operated by a third party namely. These accounts can be in the form of savings, current, recurring, or fixed deposits. The foreign currency you deposit into the account is converted to INR. You need to note that the amount you deposit into these accounts must be earned outside India. Also, mutual fund investments to become effortless and instant if you link your NRE account number to the investment account.
NRE account is primarily used for carrying out business, personal banking and making investments in India. Account-holders can deposit and manage their accumulated rupee funds without any hassle.
The account allows you to receive funds in Indian or Foreign currency. It is even feasible to transfer money from your current NRE account. NRO accounts have limited access for repatriation. You can repatriate the interest amount freely, but the principal amount can be repatriated only within set limits. It also requires an undertaking along with a certificate from a Chartered Accountant. However, repatriation is free for NRE account holders for both the principal and the interest amount.
An NRE account is tax-free no income tax , wealth tax, or gift tax in India.
0コメント