Dear Sir/ Madam
Is Interest received on NRE term deposit is taxable or non taxable. Received message for e compliance on high value transactions and the interest income was not shown in other income ITR AY 20. 21. Information requested for filing revised return. Can I show interest as exempt income sec 10(4) ii.
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Is Interest received on NRE term deposit is taxable or non taxable
Replies (4)
Quick Summary
The interest on NRE FD (Fixed Deposit) and/ or NRE savings account is not taxable as per the provisions of Section 10(4) of the Income Tax Act 1961.
It is an exempt income.
just give a reply in e compliance that it was an exempt income.
just give a reply in e compliance that it was an exempt income.
Yes, it is an exempted income as per sec 10(4)(ii) for non residents. even though it is exempted we have to show in return. hence it would be better to revise the return. we have time till 31.05.2021.
Ramaraju likes to be on the safer side.
not reporting exempt income does not have any tax effect but you may still revise the return if you feel so.
taking ramaraju's advise might free you from anxiety and fear of getting scrutiny notice for not reporting exempt income.
not reporting exempt income does not have any tax effect but you may still revise the return if you feel so.
taking ramaraju's advise might free you from anxiety and fear of getting scrutiny notice for not reporting exempt income.
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