I moved out of India recently, but still hold a public provident fund (PPF) account. —Name withheld on requestNRIs can continue to invest up to ₹1.5 lakh in their existing PPF accounts every financial year. You can also claim deduction under section 80C for PPF deposit if you are filing an income tax return in India. You can invest in your PPF account till maturity, but cannot extend the account once it matures. The United States Tax Department in 2010 enacted the Foreign Account Tax Compliance Act (FATCA) to promote tax compliance and to discourage tax evasion.

Source: Mint July 05, 2021 20:15 UTC