Money

What do you use NRO/NRE account for?

Jan 6

Can you open one on H1B?

comments

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  • Amazon Emma John
    I use my NRO account to pay 30%TDS on any interest I earn. That tax then goes to Ambani/Adani and such crony capitalists via Modi and his government. I cannot think of a better way to help the poor people in need.
    Jan 610
    • New / EnguGWH677
      U can claim tax refund ... though I have yet to get from 2yrs back refund ...
      Jan 6
    • Bank of America blacKnight
      But I heard that if you are paying income tax in Us then you no need to pay in india ... please correct me
      Jan 6
    • New / EnguGWH677
      Yes. U have declare in us ... and once u apply for tax returns in India.. calculate tax as per earning there ...
      Jan 6
    • Bank of America blacKnight
      Meaning? If I don’t know the process can you please elaborate? Or give references?
      Jan 6
    • New / EnguGWH677
      Process is simple ... declare income both in India and us .. if tax paid in India ... declare in us tax paid ... in India file tax returns and pay tax as per that year income .. if refund comes out .. claim refund..
      Jan 6
    • Bank of America blacKnight
      K thanks dost
      Jan 6
    • Google engg1
      @emma - You can always donate the rest ie 70% directly to poor you find on streets.

      And most likely that 30% is also going to all the farm loan waivers, subsidies poor get.

      Ambani etc can always sell you phone, fuel, electricity etc. to get your money and not depend on tax rupees.
      Jan 7
    • LeanTaaS ♥️ data
      @Emma John - I hope you get a kid like Rahul Gandhi.
      Jan 7
    • Amazon Emma John
      @data Thanks for the warm wishes.
      Jan 8
    • Amazon Emma John
      @engg1 you are so naive that it's cute
      Jan 8
  • Synopsys / Design
    h1hw

    SynopsysDesign

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    Vlsi verification emulation architecture
    h1hwmore
    Income in india is taxable in us but if you pay taxes in india they get subtracted.
    That said its best to hire tax advisor as tax with indian stocks and accounts is quite complicated
    Jan 60
  • eBay greyway
    I am planning to open one this year. It’s my understanding that income tax on your salary would likely have to be paid in the US. However, interest from an NRO/NRE account will likely be significant enough to qualify for tax as well. Where do you pay the tax on interest income? India or US?
    Jan 60
  • Nvidia nvleet
    Yes you can.
    Jan 60

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