Tax on NRE Fixed Deposit for RNOR

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  1. Rajkorada

    Rajkorada New Member

    Hi,

    I need clarification in regards to whether I need to pay tax on my NRE Fixed Deposits held while I am in India as RNOR as per FEMA rules.

    Little background on myself - I migrated to India on 22nd Feb, 2015 and have taken a full time job in India after staying in overseas for nearly 14 years. While I was overseas, I have opened few NRE FD's and FCNR Deposits in India and the deposits are still active. What I would like to know, is the income earned/accrued from my NRE FD's taxable along with my salary income or the income accrued from NRE FD's is exempt because of me being a RNOR for the last financial year i.e. 2014 - 2015?

    Please advise.

    Thanks

    Rajesh
     
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