India savings account as nri

[Usr59]

Can we continue using Indian savings with joint account holder in India while in US.

If no do we need to convert to NRO immediately? Or do we have any time frame?

if we don't convert in timely manner will there be any penalty?

genueine answers/suggestions pls.

 

[Pipucbn]

No you have to convert it to NRE or NRO account. It's illegal to hold regular savings account for NRI

[Usr59]

Will there be any penalty for not converting  for few years?

[Pipucbn]

Just now, Usr59 said:

Will there be any penalty for not converting  for few years?

Until they don't find fault with you like during tax returns etc you are safe. You can just tell them that you became NRI recently

[Usr59]

Taxes in us/india?

[ICANWIN]

17 minutes ago, Usr59 said:

Can we continue using Indian savings with joint account holder in India while in US.

If no do we need to convert to NRO immediately? Or do we have any time frame?

if we don't convert in timely manner will there be any penalty?

genueine answers/suggestions pls.

 

You can until they find out.  Many many years nunchi even USC ayinavallaki kuda untai. Picha ligh  take it easy.

[Merabharathmahan]

Nuvvu adi NRO ki covert cheyinchali. okavela cheyinchakapothe nee savings meeda vache interest ki tax rules avi follow avvu india rules. money ekkuva lekunte ok but if u have 5L or more in your savings better u convert to NRO. neeke future lo taxes ki vatiki helpful. NRO account lo vache interest meeda valle 30% tax theesukuntaru TDS so u don't have to worry to pay taxes and all. 

India lo unna vallu (mom or dad) kooda nee account lo joint unte vallanu theeyinchey account nundi and then convert to NRO. Or if you are added as joint holder in your parent's account then get your name deleted by bank ppl. 

[Usr59]

24 minutes ago, Merabharathmahan said:

Nuvvu adi NRO ki covert cheyinchali. okavela cheyinchakapothe nee savings meeda vache interest ki tax rules avi follow avvu india rules. money ekkuva lekunte ok but if u have 5L or more in your savings better u convert to NRO. neeke future lo taxes ki vatiki helpful. NRO account lo vache interest meeda valle 30% tax theesukuntaru TDS so u don't have to worry to pay taxes and all. 

India lo unna vallu (mom or dad) kooda nee account lo joint unte vallanu theeyinchey account nundi and then convert to NRO. Or if you are added as joint holder in your parent's account then get your name deleted by bank ppl. 

i came to know that it is not valid to keep it but these are my questions?

Not sure how, since we have 10% tax in india where as if we are on NRO we are paying 30%. 

Do we need to file tax returns in India?

Do we need to show foreign assets here in US since we have an NRO account?

 

[Merabharathmahan]

9 hours ago, Usr59 said:

i came to know that it is not valid to keep it but these are my questions?

Not sure how, since we have 10% tax in india where as if we are on NRO we are paying 30%. 

Do we need to file tax returns in India?

Do we need to show foreign assets here in US since we have an NRO account?

 

NRO account meeda vache interest meeda bank default ga 30% Tax cut chestadi. 

foreign bank account report anedi $10K equivalent or more rupees nee account lo unte report cheyali. elago NRO account meeda vache interest ki 30% tax tds india lone kadutunnav so no need to pay in usa. In case if you are getting any kind of income like rental or other every year into your bank then u need to add that income to your w2 income and pay tax in usa. But NRE account unte andulo ki only usa nundi matrame dabbulu send cheyochu(india nundi evaru deposit cheyaleru andulo). NRE account ki vache interest amount meeda india lo no TDS tax, u have to pay in usa while filing taxes. 

ivanni GC lu unnollaki pettali actually. Manam non-immigrant temporary visa meeda unnam but still these tax rules r same to GC and H1s. nuvvu just NRO account ki convert chesuko. Usa lo reporting paying taxes on india interest income avi lite theesko. 

[Usr59]

thanks for valuable suggestions