Taxation
This query is : Resolved
S.Jegadeesan
(Querist)
23 June 2011
Dear Sir,
I wish to clarify a doubt regarding Taxation of NRI.
i.e Mr. X is working in UAE & he is maintaining a NRI A/c in SBI, Mumbai Branch. He has remitted all the earnings into that A/c. from that deposits he has getting Interest. Is it taxable?
S.Jegadeesan
I wish to clarify a doubt regarding Taxation of NRI.
i.e Mr. X is working in UAE & he is maintaining a NRI A/c in SBI, Mumbai Branch. He has remitted all the earnings into that A/c. from that deposits he has getting Interest. Is it taxable?
S.Jegadeesan
24 June 2011
Taxability of income of NRI is depend upon the residential status of the NRI in case he fulfilled the condition for resident he can avail the following advantage:
Income
Upto Rs. 1.6 lakhs Nil
Above Rs. 1.6 lakhs to Rs. 5 lakhs 10%
Above Rs. 5 lakhs to Rs. 8 lakhs 20%
Above Rs. 8 lakhs 30%
The interest will be charged to Tax as per the above limit.But in case he is not resident the above option is not available to him.
Beside this if there is DTAA between India and UAE than the income of the person taxed only once either in UAE or in India but the interest will be taxed in Indian because it is accrued in India.
Income
Upto Rs. 1.6 lakhs Nil
Above Rs. 1.6 lakhs to Rs. 5 lakhs 10%
Above Rs. 5 lakhs to Rs. 8 lakhs 20%
Above Rs. 8 lakhs 30%
The interest will be charged to Tax as per the above limit.But in case he is not resident the above option is not available to him.
Beside this if there is DTAA between India and UAE than the income of the person taxed only once either in UAE or in India but the interest will be taxed in Indian because it is accrued in India.
S.Jegadeesan
(Querist)
05 July 2011
Dear Sir,
Thanks for your reply.
So you meant if the person is NRI, then TDS will attract @ 10% (IF furnish the PAN)/20%(Non Submission of PAN)?
Am I correct?
Further you meant there is no exemption available to deduct the TDS.
Am I correct?
Pl confirm.
Thanks for your reply.
So you meant if the person is NRI, then TDS will attract @ 10% (IF furnish the PAN)/20%(Non Submission of PAN)?
Am I correct?
Further you meant there is no exemption available to deduct the TDS.
Am I correct?
Pl confirm.
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