noideawhatiamdoing
New member
I am an Indian living in the USA. I have general savings accounts in India which I am planning to get converted to NRO accounts. However, I have a few questions:
- I read that the money in NRO account will be taxed. Is this true? OR just the income will be taxed?
- How will GOI know my income? Let's say I have some investments in MF through my NRO account. I also have a DMAT account for share trading which is linked to this NRO account. How will they know how much I earned.
- Is tax automatically deducted from these NRO accounts?
- Is it true that I cannot use an NRE account for above purposes (DMAT and MF) since any kind of payback from these(Dividends, Interests, etc) can't be credited to NRE account as it does not accept deposits in INR
- Do I have to file tax returns if I have income in India through MF and DMAT?
- Do I have to file tax returns if I have income in India just through interest on a savings account?