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Taxation of nre fd

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(Querist)
11 July 2013 whether interest recd on NRE FD's are taxable.

If TDS is deducted u/s 195 on interest paid on these FD's
pl clarify in detail
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Anil Sankar V

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Anil Sankar V (Expert)
11 July 2013 it is exempt.when interest is exempt, bank does not deduct TDS.
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Nihir P Mehta

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Nihir P Mehta (Querist)
11 July 2013 Then bank is deducting TDS @ 30% from NRE FD, why ..?

how do one come to know that FD interest on FD is exempt.
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Anil Sankar V

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Anil Sankar V (Expert)
11 July 2013 In terms of Clause 4(ii) of Section 10 of Income-tax Act, 1961, any income from interest on monies standing to the credit of NRE accounts is exempt from income-tax.

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