You must first understand Section 80TTA of the Income Tax Act 1961 provides a deduction on interest income earned from savings accounts. The deduction under Section 80TTA is available to individuals and Hindu Undivided Families (HUFs) who earn interest income from savings accounts. Coming to your query, is section 80TTA applicable to NRI? The answer is yes. Read on to know more.
Is Sec 80TTA is Applicable to NRI?
Yes. NRIs are also eligible for this deduction if they meet the conditions.
The interest earned on the Non-Resident Ordinary (NRO) savings accounts qualifies for a deduction under Section 80TTA.
Interest from Non-Resident External (NRE) or Foreign Currency Non-Resident (FCNR) accounts is exempt from tax altogether under Section 10(4), so Section 80TTA does not apply to these accounts.
Amount of Deduction
The deduction is up to Rs.10,000 per financial year on interest income from savings accounts.
If the interest earned is less than Rs.10,000, the deduction will be limited to the actual interest amount.
I hope this resolves your query, is 80TTA applicable for NRI.
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Is Section 80TTA Applicable to NRI?
Fredi
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2024-11-15T15:54:20+00:00 2024-11-15T15:54:21+00:00Comment
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