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Tax Free Income of NRIs as defined by FEMA,1999

NRIs CORNER - TAX FREE INCOME FOR NRIs AS PER FEMA,1999

1. Under the Income Tax Act, 1961 certain incomes are granted tax exemption to a Non Resident Indian, provided such NRI is "a person resident outside India" as defined under Sec. 2(w) r.t.w. Sec. 2(v) of Foreign Exchange Management Act, 1999 [FEMA]

These are :

01. Interest earned from Non Resident (External) NR(E) account by an individual -

02. Interest earned from Foreign Currency Non Resident (Bank)[ FCNR(B)] account by an individual.