NRI TAX RATE.

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rmalhotra (Querist)
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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.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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02 July 2024 1. Yes.
2. No.
3. No special rate for bank interest.

Message likes : 1 times

rmalhotra

rmalhotra (Querist)
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02 July 2024 Thank you Sir. Got query resolved with your guidance.

Message likes : 1 times

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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02 July 2024 My Pleasure.

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