09 January 2013
NRE fixed deposits would not be subject to TDS and entire FD interest would be released to NRIs as tax free income in India. it doesn’t mean that they are tax free in the respective foreign country where the NRI is resident of. And also not subject to file return in india
10 January 2013
thank you sir. but sir interest earned on NRO Fixed deposit will be taxed in india? Assesse who is NRI & has only NRO FD interest income is liable to file IT return ? and basic exemption limit will be available if tax exceeds tds? Will he have to pay differential tax in india?
CAclubindia
