Tax on nri
This query is : Resolved
23 June 2014
A person of Indian Origin is now a resident of U.S.A. In the previous year the person has earned interest income in India on loans to various parties.
1.) What should be the rate to tax to be deducted by the deductees keeping in view the DTAA with U.S.A?
2.) If the income from such interest exceed Rs. One Crores, whether the assessee is required to get its account audited?
1.) What should be the rate to tax to be deducted by the deductees keeping in view the DTAA with U.S.A?
2.) If the income from such interest exceed Rs. One Crores, whether the assessee is required to get its account audited?
23 June 2014
TDS should be done at 15% under article 11 of the DTAA
audit or not depends on whether the individual was in the lending business or not
audit or not depends on whether the individual was in the lending business or not
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23 June 2014
The assessee was not engaged in the business of lending business.
23 June 2014
Thank You Sir for resolving the above stated query.
Further I would like to inform you that the assessee is not engaged in the business of lending money.
Will there be any change in the tax implication if the assessee has lent the money in foreign currency?
Further I would like to inform you that the assessee is not engaged in the business of lending money.
Will there be any change in the tax implication if the assessee has lent the money in foreign currency?
23 June 2014
well then you might be able to avoid audit. the final opinion can only be made after looking at all the facts
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23 June 2014
with regards to foreign currency, the tax answer should not change but the FEMA implications should be considered.
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