Querist : Anonymous
( Querist )
11 January 2013
I am a NRI. I don't have any income (or income through properties)in India. I would like to deposit Rs. 22,00,000 as Domestic Deposit. Commonly TDS will be deducted @ 10% (if PAN is submitted) on the FD interest. I want to avoid this TDS and I found below things from the web :
1. FORM 15G : Since, I don't have any income in India. can I Submit this form to avoid TDS and AM I eligible?
Principal : Rs 20,00,000
Interest : 8.00%
Interest Paid on maturity : 1,60,000 (which is less than income limit of Rs 1,80,000)
2. Tax Exemption Certificate
I read few article that I can get Tax Exemtion Certificate for certain period which can be used to avoid TDS. Is it correct ? How can I apply for it ? Whats te process ?
Please suggest me on this.
Thanks for your help in Advance.