NRI TDS and refund claim
This query is : Resolved
11 July 2023
Sir,
NRI has received credited of an interest of Rs. 110000 in his NRO a/c from savings and time deposits in bank and TDS @ 31.2% approx Rs34320 is deducted u/s 195 of income tax act.
He also received payment of Bima Bachat scheme of LIC Rs 61500 approx as income and tax @5% aprox Rs 3075 TDS u/s 194DA is deducted. These are only income he earned and received in India. So against his gross income of Rs 171500 a tds amount of Rs 37395 is deducted.
So there is query:-
His Total Income is less than taxable limit and not liable to pay tax except for TDS already deducted.
1. Can he file ITR return within time and claim this refund ?
2. Will he file return as per slab rates old /new scheme.??
3. Is he to be taxed as NRI at TDS rates or any other special rates for above incomes.???
Pls guide .
NRI has received credited of an interest of Rs. 110000 in his NRO a/c from savings and time deposits in bank and TDS @ 31.2% approx Rs34320 is deducted u/s 195 of income tax act.
He also received payment of Bima Bachat scheme of LIC Rs 61500 approx as income and tax @5% aprox Rs 3075 TDS u/s 194DA is deducted. These are only income he earned and received in India. So against his gross income of Rs 171500 a tds amount of Rs 37395 is deducted.
So there is query:-
His Total Income is less than taxable limit and not liable to pay tax except for TDS already deducted.
1. Can he file ITR return within time and claim this refund ?
2. Will he file return as per slab rates old /new scheme.??
3. Is he to be taxed as NRI at TDS rates or any other special rates for above incomes.???
Pls guide .
11 July 2023
1 yes
2 New scheme slab rate.
3 No special rates TDS will be fully refunded.
2 New scheme slab rate.
3 No special rates TDS will be fully refunded.
11 July 2023
Sir, Coming to point no. 2 can NRI file return and claim refund in old scheme also /
11 July 2023
Yes no problem...
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11 July 2023
Thank You Sir . Have Nice time and enjoy good Health.
11 July 2023
You are welcome
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