Interest of nro a/c
This query is : Resolved
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.
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
(Expert)
26 July 2014
it should be allowed as the section as long as it is not a NRO term deposit.
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29 July 2014
it should be specifically expressed as nro savings account then only its allowed.
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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?
can NRE account be used for refund on tax purpose or only NRO account can be used for the same?
Nikhil Kaushik
(Expert)
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.
30 July 2014
Can you explain what kind of issue may arise from TDS perspective?
30 July 2014
Can you explain what kind of issue may arise from TDS perspective?
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