Taxation of nre fd
This query is : Resolved
Nihir P Mehta
(Querist)
11 July 2013
whether interest recd on NRE FD's are taxable.
If TDS is deducted u/s 195 on interest paid on these FD's
pl clarify in detail
If TDS is deducted u/s 195 on interest paid on these FD's
pl clarify in detail
Anil Sankar V
(Expert)
11 July 2013
it is exempt.when interest is exempt, bank does not deduct TDS.
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Nihir P Mehta
(Querist)
11 July 2013
Then bank is deducting TDS @ 30% from NRE FD, why ..?
how do one come to know that FD interest on FD is exempt.
how do one come to know that FD interest on FD is exempt.
Anil Sankar V
(Expert)
11 July 2013
In terms of Clause 4(ii) of Section 10 of Income-tax Act, 1961, any income from interest on monies standing to the credit of NRE accounts is exempt from income-tax.
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