Interest of nro a/c

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Pooja (Querist)
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26 July 2014 Sir,

Whether NRO A/c is to be considered as a Savings A/c and can deduction u/s 80TTA be claimed for the Interest earned on NRO A/c by an NRI assessee. TDS u/s 195 is also deducted on the above interest.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 July 2014 it should be allowed as the section as long as it is not a NRO term deposit.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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29 July 2014 it should be specifically expressed as nro savings account then only its allowed.

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Pooja

Pooja (Querist)
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30 July 2014 Sir,
can NRE account be used for refund on tax purpose or only NRO account can be used for the same?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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30 July 2014 you can use NRE account also. however using NRO may be better option as the interest portion credit in NRE account may create issue from TDS perspective.

Pooja

Pooja (Querist)
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30 July 2014 Can you explain what kind of issue may arise from TDS perspective?

Pooja

Pooja (Querist)
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30 July 2014 Can you explain what kind of issue may arise from TDS perspective?

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