Tds on interest income for non resident

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 February 2014 Hi

I am a Non Resident and have earned an Interest of Rs 210,000 for the current financial year from an relative.

I gave him a cheque from my NRE account and received interest in one of my savings account.

Is the Interest received eligible for TDS and can i file a return and claim refund.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 February 2014 given that you are an NRI, yes this income is very much covered under TDS provisions.

To claim refund, if any, you need to file income tax return in India.

Querist : Anonymous

Querist : Anonymous (Querist)

01 March 2014 Thanks Nikhil.

What will be the rate of TDS.

Will it be 30% or 10%.

Is there any other way to avoid the same.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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01 March 2014 TDS rate shall be determined as per DTAA and ITA. So you need to determine that first.

I dont think you have any way to avoid the TDS liability whatever the quantum might be.

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