Taxation of non residents
This query is : Resolved
Ashwath Shetty
(Querist)
17 July 2013
Dear Experts,
Facts of the Case
NRI based in South Africa came to India in December 2011 after 18 years of Service & as per the Section 6 he is an RNOR for the PY 2012-13, he holds NRO Account in India & receives interest income for which Tax Deducted at Source at the rate of 10 % as per DTAA agreement entered between India & South Africa. The Interest income earned is Say INR 12,50,000 he has eligible investments of INR 50,000 U/s 80 C of the IT Act of 1961.
My Query
1. Since he falls in 30% Tax bracket should he file the return in India & pay the excess Tax calculated as per income Tax Act. If yes, can he claim deductions Under chapter VI A while calculating his Tax Liability.
2. If NO, Is he Eligible to declare the income as exempt & Claim the refund since he has entered into a DTAA agreement?
Kindly help me to resolve the query
Regards,
Ashwath Shetty
Facts of the Case
NRI based in South Africa came to India in December 2011 after 18 years of Service & as per the Section 6 he is an RNOR for the PY 2012-13, he holds NRO Account in India & receives interest income for which Tax Deducted at Source at the rate of 10 % as per DTAA agreement entered between India & South Africa. The Interest income earned is Say INR 12,50,000 he has eligible investments of INR 50,000 U/s 80 C of the IT Act of 1961.
My Query
1. Since he falls in 30% Tax bracket should he file the return in India & pay the excess Tax calculated as per income Tax Act. If yes, can he claim deductions Under chapter VI A while calculating his Tax Liability.
2. If NO, Is he Eligible to declare the income as exempt & Claim the refund since he has entered into a DTAA agreement?
Kindly help me to resolve the query
Regards,
Ashwath Shetty
CA. Anuj Gupta
(Expert)
18 July 2013
He shall need to file the return and show the income as taxable in India.
Anuj
femaquery@gmail.com
Anuj
femaquery@gmail.com
Ashwath Shetty
(Querist)
18 July 2013
Thank you sir...
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
