T.D.S.
This query is : Resolved
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.?
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.
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.
08 December 2010
BANK IS LIABLE FOR DEDUCTION OF TDS. IF RORM 15G IS FURNISHED TO BANK, THEN BANK WIL NOT DEDUCT TDS.
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.
Message likes :
1 times
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Building and other construction workers welfare cess act 1996
- Eway bill for machinery reparing
- Applicable TDS for Purchase of Flat from NRI
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Form 10BD Filling
- Annual return of gst limit
- TDS ON CASH WITHDRAWALS...
- ITR Filing Requirement for Partnership Firm Registered but Business Not Commenced
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
