Nri account
This query is : Resolved
Rushin Abyssinia
(Querist)
11 April 2018
Dear Sir,
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 %.
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 %.
CA Aneesh Jain
(Expert)
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
Rushin Abyssinia
(Querist)
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.
Rushin Abyssinia
(Querist)
21 April 2018
Anybody going to do respond ?
CA Aneesh Jain
(Expert)
21 April 2018
Hire a consutant or visit your jurisdictional tax officer and obtain no taxdeduction certificate.
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