NRI TAX RATE.
This query is : Resolved
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02 July 2024
Sir,
As NRI , tax on Interest earned on FD in his NRO a/c with bank is deducted at @31.2% ( applicable for below Rs 50 Lacs ) under section 195 of Income Tax Act, as shown in AIS. Hence following queries:-
1. Now when NRI files ITR of this income from NRO FD Interest under head " income from other sources " then will it be taxed at slab rates ( as may be applicable ) in his case ?
2. Will it be taxed at same rate at which TDS is deducted u/s " 195 (k) any other income." ??
3. Is that above explained income of NRI is subjected to any special rate of tax when TDS is already deducted u/s 195 of Income Tax Act . ???
Pls guide early.
As NRI , tax on Interest earned on FD in his NRO a/c with bank is deducted at @31.2% ( applicable for below Rs 50 Lacs ) under section 195 of Income Tax Act, as shown in AIS. Hence following queries:-
1. Now when NRI files ITR of this income from NRO FD Interest under head " income from other sources " then will it be taxed at slab rates ( as may be applicable ) in his case ?
2. Will it be taxed at same rate at which TDS is deducted u/s " 195 (k) any other income." ??
3. Is that above explained income of NRI is subjected to any special rate of tax when TDS is already deducted u/s 195 of Income Tax Act . ???
Pls guide early.
02 July 2024
1. Yes.
2. No.
3. No special rate for bank interest.
2. No.
3. No special rate for bank interest.
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02 July 2024
Thank you Sir. Got query resolved with your guidance.
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02 July 2024
My Pleasure.
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