I have worked for 2 years in Ethiopia ( East Africa ). As per the bank rule you have to come personally to do sign to open an NRI Account in Bank. I have transferred my salary every month from ethiopia to india. Now as per the bank rule you have to open an NRI Account under NRI Account there would be 2 Sub accounts NRE & NRO. Now after opening an NRI Account if i want to transfer money i have transfer it into NRE Account. and whatever i had transferred before opening NRI Account that amount would transferred to NRO Account. In NRO Account they are saying 30% tax will be deducted flat whatever the amount of interest comes.
Suppose i have transferred 25 lac, what should i do to save the tds on interest which is flat 30 %.
12 April 2018
For saving TDS on interest you need to take certificate from your concerned Assessing officer for Nil deduction of tax u/s 197 of income Tax Act, 1961
17 April 2018
What should we do to save TDS on interest on NRO Account ? Me & my wife have sent money to a savings account (joint) from Africa but now we came to India to open an NRI account. Whatever money we have transferred will go to the NRO account.
CAclubindia
