However TDS has been already deducted. 1 lakh which is much lower than the exemption limit of income tax. In regards to income from a job or service what are the rules applicable for a Pio.It would be a great help if you can help me with The same.Question: I want to know if Amount transfer from A’s NRE A/c in Bank B1 to B’s NRE A/c in Bank B2 is taxable in India or not?A reference has been made to a tribunal decision in parah 5…can u please provide with the details of the same.Working in an foriegn country. No issues.My question is though NRE accounts, NRE deposits and FCNR deposits are tax excempt in India. In order to submit a comment to this post, please write this code along with your comment: Join our newsletter to stay updated on Taxation and Corporate Law. In some cases NRI total Income is less than Basic exemption Limit and they do not file their income tax return. The bank will deduct TDS on interest paid on an NRO account. Such NRI can file their tax return and Claim Refund from Income Tax Department.For Example: An NRI of US has Fix deposit in NRO account earning Interest of Rs 200000/- During an Year. Therefore, for an NRI who earns abroad, it is very important to ensure that her salary is not received directly in India so that it is not taxable in India. Just the way a resident individual can submit 15G or 15H to avoid TDS if his/her annual aggregate income doesn’t not exceed the basic exemption slab, a Non Resident Indian (NRI) cannot do so as these forms are not applicable for NRIs.. What the rule says? The income may be received in an Indian account, or it can go into the account that the NRI is currently living in. For working NRIs who already have an income in USA, the tax on NRE FD interest will be more than 40%. The Bank will upfront deduct 30% TDS on interest Income which an NRI can file its return and Claim Refund if he is falling within Basic exemption limit.
Residential Status is determined on the basis of physical presence i.e. For Example if Rate of Interest in India is 10% and Inflation is also 10% rupee would be depreciated by 10%. And the tax in USA is much higher than that of India. At the same time if he is investing in fix deposit in US he will earn 2% to 3% without any currency risk.The Investment Decision for NRI cannot be a Standard for all. The Amount Deposited in NRE account is Repatriable whereas amount deposited in NRO account has limits and condition for repatriation like upto USD 1 (one) million per financial year (April-March), for any bonafide purpose after giving undertaking along with a certificate from a chartered accountant.You can chose NRE account in case you want to maintain Rupee Account or you want a joint account with NRI and want rupees to be freely Repatriable. This is deducted on the maximum marginal rate –currently 30.9%. It has to be reported under the head 'income from other sources'In the said question, the taxpayer was resident but not ordinarily resident in India (RNOR). You have to disclose your global income as a part of your tax returns in US, irrespective it is cash or accrual basis.So what this means is NRE FDs are taxable in USA. Basically there are two options available with NRI interested in opening bank account in India – NRE or NRO account.Both NRE and NRO Account can be jointly opened.
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