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Anil

Anil Rego  |388 Answers  |Ask -

Financial Planner - Answered on May 31, 2021

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more
upendra Question by upendra on May 31, 2021Hindi
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 I am not having any income in India other than NRE F.D. (about 10 lakhs), and I am not filing ITR. Please advise the procedure since they deducted about Rs. 3,000. Waiting for your clarification.

Ans: As per section 195 of IT Act, Interest earned on Non Resident External (NRE) accounts and Foreign Currency Non Resident (FCNR) accounts are tax free in India. Hence, there would be no TDS. Please check with your bank and ask the reason for deduction. It is possible that you have an NRO deposit and hence the tax deduction.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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