NRI TAX RATE.
This query is : Resolved
Quick Summary
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.
Dhirajlal Rambhia
(Expert)
02 July 2024
1. Yes.
2. No.
3. No special rate for bank interest.
2. No.
3. No special rate for bank interest.
Message likes :
1 times
02 July 2024
Thank you Sir. Got query resolved with your guidance.
Message likes :
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Dhirajlal Rambhia
(Expert)
02 July 2024
My Pleasure.
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