What should be done so that income from your deposits do not attract I. T. when you return to India.?

Question

I am now returning to India after spending 15 years outside the
country working in two different countries.

Answer 1

Keep your savings in a NRE account like a Citibank Rupee Checking account and the intereast you earn on the deposits is not taxable in India.

Anyways the amount which you have earned abroad will not attract I.T in India as you have paid the required taxes to the govt of the country where you have earned it. Hope it helps

If you are still confuesed then please give more details as your question is not very specific.

Answer 2

Remember following points :

1.As long as you are Non Resident or Not Ordinarily Resident as per definition of I T Act , your income earned abroad and received abroad is not taxable in India.
2. The moment you become Resident Indian, your global income is taxable.
3.Now,,govt has taken away facility to open PPF and any other small savings accounts by the NRI , thus your option as an NRI are very limited.
4. Your already earned income is your capital , thus not taxable. Its accretion to those money that is capital. When all Indians are being taxed and contributing to govt Exchequer , I don not know why are you so worried to have total tax free incomes. Was your foreign govt never deducted taxes on income.
5.The tax rates in India, these days one of lowest one for individuals.
6.Dont worry, Come to India and be happy

Answer 3

NRE Account is one option. There are other savings and deposit instruments where you can keep your money eg; PPF, Post Office Savings Account etc. There may be limitations on the amount and withdrawals though.

You can also keep money in an offshore banking unit in an SEZ which will be exempt till you remain Not ordinarily resident(which is for two years after you return)

Answer 4

Well the money you have earned as an NRI would be white money and not taxable. So keep the records of your earnings abroad and if incase IT guys knowck ur door just show them the proof. Buy some property and pay it from your NRI account

Answer 5

ima computa