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Question ID : 40613

Taxability of interest on NRE deposit

An individual who was an NRI has permanently shifted back to India. There are certain NRE deposits in his name. The query is can that individual take shelter under section 115H i.e. benefits available in certain cases even if after the assessee becomes resident and pay tax at the rate of 20% with regards to interest on NRE deposit as per section 115E.

Posted by SHRADDHA S KAMATH on Mar 19, 2020

Filed Under DIRECT TAXES

Answer ID : 80467

Can choose 20% .Inference - decision of AAR in V . Ravi Narayanan (300 ITR 62).

Posted by B.CHACKRAPANI WARRIER on Mar 19, 2020