Z is a NRI, Resident but not ordinarily resident (RNOR) during the Financial year 2013-2014. He earns rental income from a house property in India, also interest accrues on his NRE and NRO accounts. What are the tax rates applicable for Z ( whether slab rate or flat rate)? Please provide computation of tax liability of Mr.Z.
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Tax rates applicable for nro and nre accounts
Replies (2)
Interest credited to NRE account will be exempt for Income tax purposes for Non Resident but not ordinarily resident. Income from House property situated in India will be taxable in the hands of NRI. Normal Slab rates i.e 200K - 500K @ 10% and >500K - 1000K @ 20% and above 1000k @ 30% (for A.Y 2014-15). Here we should note that even though slab rates are available to NRI's there are no special slab rates, i.e whether NRI is male or Female or senior Citizen or Very senior citizen above mentioned slab rates are only available.
Thank you so much Mr.Ayyappa but how the interest accrued on NRO account is taxable??
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