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NRE taxation

This query is : Resolved 

Is interest from an NRE deposit considered as deemed to be accrued outside india?

It's exempted income.

What if a person is resident but not ordinarily resident and he earns such interest?

It's taxable......................

But i read in section 10(15)(iv) that interest on deposits paid to Resident but not ordinarily residents by banks are exempt... Could you pls explain my previous question on the basis of this provision. I'm really confused..

That's related to deposits lying in banks abroad.

NRE deposits will be considered as resident deposit as soon as person becomes resident in india.



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