Non resident taxability
This query is : Resolved
14 December 2012
Background regarding my query.
1) Assessee is a senior citizen residing in USA for the past 2.5yrs.
2) He isn't employed in USA.
3) Assessee has not filled return claiming NRI status till date, so for income tax he is a R&OR.
4) Has investments in term deposit/FD with nationalized bank/private banks and NF as a resident of India. He has submitted Form 15G seeking non deduction of TDS on interest income.
following are my query's.
1)Whether the assessee has to compulsorily declare himself as a NRI in his ROI, if yes, what are the consequences if he doesn't do so?
2)whether the present investment in saving/term deposit can be assessed as a R&OR or is it to be converted into NRO/NRE account.
3) what is the rate of TDS for NRO account for person staying in USA under DTAA.
1) Assessee is a senior citizen residing in USA for the past 2.5yrs.
2) He isn't employed in USA.
3) Assessee has not filled return claiming NRI status till date, so for income tax he is a R&OR.
4) Has investments in term deposit/FD with nationalized bank/private banks and NF as a resident of India. He has submitted Form 15G seeking non deduction of TDS on interest income.
following are my query's.
1)Whether the assessee has to compulsorily declare himself as a NRI in his ROI, if yes, what are the consequences if he doesn't do so?
2)whether the present investment in saving/term deposit can be assessed as a R&OR or is it to be converted into NRO/NRE account.
3) what is the rate of TDS for NRO account for person staying in USA under DTAA.
CA. Anuj Gupta
(Expert)
22 December 2012
1. Exact stay in India and outside India needs to be seen for the same.
2. same as point no.1
3.15%.
Anuj
femaquery@gmail.com
2. same as point no.1
3.15%.
Anuj
femaquery@gmail.com
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