Interest earned
This query is : Resolved
11 June 2019
Interest earned on NRE Savings Account and NRE Fixed Deposits by an NRI is chargeable to income tax or it is exempted ??? related provisions... please guide me
thanks in advance
thanks in advance
11 June 2019
As per section 10(4)(ii), in the case of an individual, any income by way of interest
on money standing to his credit in a Non-Resident (External) Account in any bank
in India in accordance with the Foreign Exchange Management Act, 1999, and
the rules made thereunder is exempt from tax.
Exemption under section 10(4)(ii) is available only if such individual is a person
resident outside India as defined in clause (w) of section 2 of the Foreign Exchange
Management Act, 1999 or is a person who has been permitted by the Reserve
Bank of India to maintain the aforesaid Account.
on money standing to his credit in a Non-Resident (External) Account in any bank
in India in accordance with the Foreign Exchange Management Act, 1999, and
the rules made thereunder is exempt from tax.
Exemption under section 10(4)(ii) is available only if such individual is a person
resident outside India as defined in clause (w) of section 2 of the Foreign Exchange
Management Act, 1999 or is a person who has been permitted by the Reserve
Bank of India to maintain the aforesaid Account.
Message likes :
1 times
12 June 2019
Thank you sir for your reply....
but the said section does not specify the interest earned on NRE Fixed Deposits....
and my doubt is whether the interest earned on NRE Fixed Deposits by an NRI is taxable or not ????
the said section 10(4)(ii) does not specify regarding this....
but the said section does not specify the interest earned on NRE Fixed Deposits....
and my doubt is whether the interest earned on NRE Fixed Deposits by an NRI is taxable or not ????
the said section 10(4)(ii) does not specify regarding this....
12 June 2019
Nre interest earned by non residents is exempt from paying tax in India, where as interest on NRE deposit is taxable for residents
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Sale of Equity shares for Purchase of Residential Property
- Liable to deduct tds and 44ADA
- ECO SUPPLY REPORTIONG IN GSTR-1
- TDS PROCEDURE ON SALE OF IMMOVABLE PROPERTY BY NRI
- CCFS 2026 Schemed
- Two seprate Invoice needed
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
