Dtaa provision applicability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 January 2014
Sir,
Suppose a person is an Indian citizen residing in Dubai and was a Non-resident for A.Y. 2011-2012. He earned during that year, interest on F.D from his NRO account in India, on which the bank had deducted TDS at the rate of 12.5 percent. India is having Double Taxation Avoidance Agreement (DTAA) with U.A.E. My query is whether an NRI can claim tax payable at 12.5 percent on Interest on F.D. in India? An A.O said that NRI has to pay tax at the rate of 30 percent. Please clarify.
Suppose a person is an Indian citizen residing in Dubai and was a Non-resident for A.Y. 2011-2012. He earned during that year, interest on F.D from his NRO account in India, on which the bank had deducted TDS at the rate of 12.5 percent. India is having Double Taxation Avoidance Agreement (DTAA) with U.A.E. My query is whether an NRI can claim tax payable at 12.5 percent on Interest on F.D. in India? An A.O said that NRI has to pay tax at the rate of 30 percent. Please clarify.
06 January 2014
in such case first u need to give evidence of the dtaa between india and foriegn country and then give the relevant article of DTAA mentioning the relief given in it.
08 January 2014
To my view, since the income has accrued and earned in India, benefit of DTAA will not be available in this case. However if there is no other income which is taxable in the hands of individual , he can claim the benefit of basic exemption and get the TDS refunded from IT department.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
