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NRE SB INTEREST

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BABITHA (Querist)
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18 February 2009 My client is a non-resident for last 20 years & he is operating a NRE SB A/c. During the A.Y 2008-09 his status is Resident & Ordinarily Resident. What will be the tax implication on the Interest credited to the above mentioned NRE SB A/c during the F.Y 2007-08?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 February 2009 Interest is taxable.

CA Abhishek Bagaria

CA Abhishek Bagaria (Expert)
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19 February 2009 Since his residential status is Resident & Ordinarily Resident global income is taxable. Hence interest is taxable.

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