Taxation of NRI (A Non - Resident)
This query is : Resolved
Gurpreet Grover
(Querist)
28 June 2009
The assessee is a NRI. He has deposits in banks TDS is being deducted by the bank. The return is to be filed for the first time. The assessee is a senior citizen. KIndly advise on the following issues:-
1) TDS-when it should be claimed? Whether in the year in which TDS is deducted or in the year in which interest income from bank is offered for taxation on maturity of FDR i.e. on cash basis?
2) Whether the assessee will be entitled to benefit of higher income limit being a senior citizen?
3) Whether benefit of 80C is available?
4) Is the income of NRI assessable at special rate or flat rate?
1) TDS-when it should be claimed? Whether in the year in which TDS is deducted or in the year in which interest income from bank is offered for taxation on maturity of FDR i.e. on cash basis?
2) Whether the assessee will be entitled to benefit of higher income limit being a senior citizen?
3) Whether benefit of 80C is available?
4) Is the income of NRI assessable at special rate or flat rate?
CA.Tarun Maheshwari
(Expert)
28 June 2009
1. TDS should be claimed in the year of deduction of TDS. Take TDS certificate from bank and recognise the interest income in the ITR.
CA.Tarun Maheshwari
(Expert)
28 June 2009
2. Assessee will be entitled to higher basic exemption limit for being a senior citizen in respect of the income accrue or arise in India.
CA.Tarun Maheshwari
(Expert)
28 June 2009
Benefit u/s 80C shall be allowed to the extent of Indian Income.
CA.Tarun Maheshwari
(Expert)
28 June 2009
If you are availing option of claiming basic exemption, then Indian income of NRI individual shall be taxable at the slab rates.
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