advocate salim 04 August 2023
Hello Sirs
Mr Singh is a NRI residing in London. Mr Singh has NRE account in India and Investment in India, Mr Singh maintains books of accounts in India and Files tax return in India
Please help me - What will be the journal entry.
1. What will be the journal entry when in "Mr Singh India Books of accounts" when he send Rs 50000.00 INR to his savings bank account in India. ?
T. Kalaiselvan, Advocate (Advocate) 05 August 2023
This appears to be an acedemic question.
What is the journal that he maintains here in India and where is the journal entry pased, whether in the business account or what?
Dr. J C Vashista (Advocate ) 05 August 2023
@ Salim,
Is it your personal problem or hypothetical question paper ?
SRIPRAKASH BHATTACHARYA (RETIRED) 05 August 2023
An NRI can maintain two types of bank accounts (1) NRE (The fund has to come in this account from the person residing abroad) (2) NRO (Rupee Account) Funds in this account has to be in INR received from any sources but Income Tax, if applicable as per laws has to be paid to the ITax Department. A PAN Card can be obtained from the ITax Department without any problem. Help of a CA may be obtained whose fees are not hefty. Under the POA given to me, I sign and submit the ITax Return for and on behalf of my siblings. System is not complicated if we don't make it so.
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