Interest on NRO and NRE SB
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 May 2010
I have a NRO SB and NRE SB in Canara Bank.
In the SB interest in these two accounts taxable ?
Under whcih section is it taxable or exempt
In the SB interest in these two accounts taxable ?
Under whcih section is it taxable or exempt
01 June 2010
Section 10(4) of the Income tax Act,1961 covers NRE account and hence interest on that account is exempt from tax. Whereas Interest on NRO account is taxable since there are no exemptions provided in the said act.
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