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Jay2010
06-21-2012, 08:34 PM
I am a businessman working for a US company but I live in India with my family and travel frequently to other countries. My company deposits my salary in the my US bank and then I take it out of an ATM locally in rupees. I am considering opening a NRI account with Axis Bank so that I can remit money to India at a much better exchange rate.

Are there any tax implications to doing this?

I currently don't pay tax in the US (as the IRS considers this foreign earned income) so should I be paying tax in India?

GCHope2011
06-22-2012, 05:32 AM
I am a businessman working for a US company but I live in India with my family and travel frequently to other countries. My company deposits my salary in the my US bank and then I take it out of an ATM locally in rupees. I am considering opening a NRI account with Axis Bank so that I can remit money to India at a much better exchange rate.

Are there any tax implications to doing this?

I currently don't pay tax in the US (as the IRS considers this foreign earned income) so should I be paying tax in India?
Since you live in India, you are not a "non-resident indian". So opening NRI account will not work. Also, Indian tax rules are applicable to you, so you need to pay taxes in India.