If interest on FDR is created out of NRE account, whether it is subject to tax and whether TDS is required to be deducted by the bank on the same...??
Thanx & Regards
Rahul Rustagi
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FDR interest created out of NRE account of a NRI
Replies (4)
Interest on NRE and FCNR account are tax free
please confirm with others also .
As per section 10(4) the interest on FDR from NRE account is exempt. But whether, due to this, the bank is not obligated to deduct TDS on this interest income..??
Interest earned on Non Resident External (NRE) accounts and Foreign Currency Non Resident (FCNR) accounts are tax free in India. Hence, there would be no TDS.
Is it written in any section that TDS should not be deducted on exempt Income or is it an established understanding..??
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