T.D.S.
This query is : Resolved
Rohit Choudhary
(Querist)
07 December 2010
IF A PERSON IS NON- RESIDENT INDIAN WITHIN THE MEANING OF INCOME TAX ACT,1961.
HE HAS INVESTED HIS FUNDS INTO F.D.R.WITH BANK OF BARODA. SHOULD BANK DEDUCT T.D.S. ON INTEREST PAID/CREDITED TO HIM?
IF NOT WHY?. IF HIS INCOME IS NOT TAXABLE IN INDIA WHAT WOULD BE YOUR THE APPLICABILITY?
CAN HE REFRAIN HIMSELF FROM NON- DEDUCTION OF T.D.S.?
HE HAS INVESTED HIS FUNDS INTO F.D.R.WITH BANK OF BARODA. SHOULD BANK DEDUCT T.D.S. ON INTEREST PAID/CREDITED TO HIM?
IF NOT WHY?. IF HIS INCOME IS NOT TAXABLE IN INDIA WHAT WOULD BE YOUR THE APPLICABILITY?
CAN HE REFRAIN HIMSELF FROM NON- DEDUCTION OF T.D.S.?
CA PARAS BAFNA
(Expert)
07 December 2010
If his Income is below the prescribed tax limit (1.60/1.90lac) he may furnish Form NO 15G to the bankers.
Nirpendra Singh
(Expert)
08 December 2010
Yes Dear sir,
Mr Paras is right,
you can furnish Form No 15g
otherwise they will deduct tax u/s 195.
Or see DTA.
Mr Paras is right,
you can furnish Form No 15g
otherwise they will deduct tax u/s 195.
Or see DTA.
CA. R. B. SAH
(Expert)
08 December 2010
BANK IS LIABLE FOR DEDUCTION OF TDS. IF RORM 15G IS FURNISHED TO BANK, THEN BANK WIL NOT DEDUCT TDS.
CA. Anuj Gupta
(Expert)
08 December 2010
Form 15G cannot be furnished by NRI. The TDS to NRI shall be deducted u/s 195 and the provisions of Sec 197A (Form 15G is provided by this section) do not apply to sec 195.
Also you are wrong when you say that income of a NRI is not taxable in India.Only incomes which accrue/arise or are received outside India are not taxable for NRI's. Conversely incomes accruing/arising or received or deemed to be received in India shall be taxable in India.
Also you are wrong when you say that income of a NRI is not taxable in India.Only incomes which accrue/arise or are received outside India are not taxable for NRI's. Conversely incomes accruing/arising or received or deemed to be received in India shall be taxable in India.
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Azmathullah Khan
(Expert)
09 December 2010
Mr. AnuJ Gupta
Thx for the answer, you are very clear answer about the NRI income in India and outside India.
Thx for the answer, you are very clear answer about the NRI income in India and outside India.
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