Dear all!
I want to know the taxation provisions regarding to the Interest on NRE & NRO Saving Deposits
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Tax on interest on nre saving deposits
Replies (4)
The interest earned on NRO Account is taxed under the account holder’s tax bracket in India. The Bank will upfront deduct 30% TDS on interest Income which an NRI can file its return and Claim Refund if he is falling within Basic exemption limit. On the other hand, interest earned on the NRE account is totally exempted from income tax and nor TDS is deducted on it,
hello, In computing the total income, you could consider a deduction of Rs.10,000 under section 80 TTA of the Income-tax Act on interest earned on deposit in a savings account.
Thank You So much! But 80TTA is applicable for only residents right.
No Sir, 80TTA is also applicable for NRI.
Section 80TTA is applicable to individual being a taxpayer in India. No where in section 80TTA the residential status of individual is mentioned so this section is applicable and you can claim the benefit of income tax deduction.
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