POSTED BY September 13, 2012 5:43 pm COMMENTS (2)ON
Dear Forum members,
I have been having a account with a US Bank for close to 10 yrs. I have to travel to US on work on and off and my salary in the US gets credited to this account.
1. I am not a NRI
2. The money in this account does not earn any interest.
3. I usually maintain a balance of around $1000-1500 in it which I either use during my next visit to the US (or) sometimes I get that transfered to my bank account in India whenever I need it.
4. I have filed US tax returns for the amount earned in the US.
1. Is it ok for a non-NRI to maintain an active bank account in the US. Any tax issues / complications?
2. Should foreign accounts be declared anywhere while filing tax returns. Is this mandatory? I have not seen this in the regular itr forms (may be I am incorrect)
Please let me know your inputs based on which I will decide if I need to close that account.