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TDS on NRE bank account
why is tax levied on interest of NRE account even when the income is of a non resident person?
Replies (3)
sorry there is a mistake in the question.. I meant NRO account n not NRE account
Income may be of NRI but earned in India (NRO acct.) which may have tax liability II
If not liable, file return and get its refund!!
Income tax is levied on income earned in India and this is irrespective of residential status of the person earning income in India.
Since you are earning interest income in NRO account and such interest income is actually earned in India, that’s why your interest income is taxable in India.
Above provisions are given in section 4 and Section 5 the Act.
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