Income tax on fixed deposits of nro accounts
This query is : Resolved
Parth Shah
(Querist)
07 September 2019
I have an income of around 5 lakhs from fixed deposits (on investment of 85 lakhs) in NRO bank account.
Banks would be deducting flat 30% TDS (1.5 lakhs) on this income. Would I be able to claim a refund in the ITR if this is the only income that I have in india?
Ideally the income tax slab that applies to me with a total income of 5 lakhs is 5% (Rs. 25000). But bank has a flat 30% deduction. Can I get a refund of the excess 25% (Rs. 125000)?
Banks would be deducting flat 30% TDS (1.5 lakhs) on this income. Would I be able to claim a refund in the ITR if this is the only income that I have in india?
Ideally the income tax slab that applies to me with a total income of 5 lakhs is 5% (Rs. 25000). But bank has a flat 30% deduction. Can I get a refund of the excess 25% (Rs. 125000)?
CA R SEETHARAMAN
(Expert)
08 September 2019
Yes file ITR and claim refund slab rate only applicable to you for ITR.
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