NRE SB INTEREST
This query is : Resolved
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?
18 February 2009
Interest is taxable.
CA Abhishek Bagaria
(Expert)
19 February 2009
Since his residential status is Resident & Ordinarily Resident global income is taxable. Hence interest is taxable.
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