RNOR

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This discussion clarifies the taxability of interest earned on Foreign Currency Non-Resident (FCNR) deposits for individuals classified as Resident but Not Ordinarily Resident (RNOR) in India. While income earned outside India is generally not taxable for RNORs, interest on FCNR deposits held with scheduled banks approved by the RBI is indeed taxable. The provision cited, Section 10(15)(iv)(fa), applies to both non-residents and RNORs, confirming the taxability of this specific interest income.

jayam

jayam (Querist)
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04 February 2021 Dear /sir

Please advise the taxability of Interest on FCNR for a RNOR

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 February 2021 It's taxable. Only income from outside India is not taxable.

jayam

jayam (Querist)
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05 February 2021 10(15)
(iv)(fa)
Interest payable by scheduled bank on deposits in foreign currency
where bank accepting such deposits is duly approved by RBI.
a) Non-resident
b) Individual or HUF being a resident
but not ordinary resident

Dear sir

So what about the above provision??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 February 2021 Agree with you it's not taxable.

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