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Query: What is tax on NRO FD Iinterest & NRE FD Interest

Category: Investments

Answer: NRO FD interest is taxable at the same rate as Indian banks saving & FD interests, NRE saving & FD interest is not taxable. Following are the exemptions rules for NRO /NRE FD & saving bank interest 1. Interest on saving account as NRO bank account is taxable as normal interest as income from other sources. 2. Interest on NRO Account is eligible for claiming deduction u/s 80TTA upto 10000 for non senior citizen 3. FD interest on NRO Account of senior citizen is not eligible for any deduction u/s 80TTB. 4. TDS rate on NRO account is 30%. 5. There is no basic exemption limit for TDS deduction on NRO FD interest. 6. Entire NRO interest including FD interest is subject to TDS @30% plus surcharge. 7. NRE Account Saving & FD interest both are not taxable so not subject to any TDS.

Date Posted 13-Dec-2019
Posted By Kumar Prakash
Views: 490



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