Interest of nre deposit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 August 2013
A Non Resident Indian has returned to India for good in April 2013 after being abroad for about 20 years. Please clarify whether
1. His NRE deposits will continue to run as NRE deposits for the remaining period of maturity which is about 4 years (Bank is intimated about the return)
2. Interest on NRE deposits is taxable from the FY 2013-14 onwards
3. If the NRE deposit interest is taxable, is there any concessional rate of tax available?
Thanks in advance
1. His NRE deposits will continue to run as NRE deposits for the remaining period of maturity which is about 4 years (Bank is intimated about the return)
2. Interest on NRE deposits is taxable from the FY 2013-14 onwards
3. If the NRE deposit interest is taxable, is there any concessional rate of tax available?
Thanks in advance
19 August 2013
1. Please Refer Section 115H supporting your views in this regard.
2. Yes
3. No, concessional rate is there. Section 10(4)has provision for exemption only.
.
2. Yes
3. No, concessional rate is there. Section 10(4)has provision for exemption only.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Applicability
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Offsetting interest income against derivative trading losses
- Application of 115BAC
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
