Whether interest on nro deposits & savings account

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2013 Dear Sir,
Could you please guide me about whether interest received for NRO deposits & Nro account is Taxable. Would also like to know what are the tax rates that r applicable & how an NRI can save tax on the same (through investments & exemptions)

Thanks.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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08 July 2013 There is difference between NRi and NRO account. NRI interest is exempted but NRO interest is taxable at regular rate. If the interest is below the minimum amount of income not liable for tax is not taxable.