Background regarding my query.
1) Assessee is a senior citizen, residing in USA for the past 2.5yrs.
2) He isn't employed in USA.
3) Assessee has not filled return claiming NRI status till date in India, so for income tax purpose he is still a R&OR.
4) Has investments in Term deposit/FD with nationalized bank/private banks and MF as a R&OR of India. He has submitted Form 15G seeking non deduction of TDS on interest income.
following are my query's.
1)Whether the assessee has to compulsorily declare himself as a NRI in his ROI, if yes, what are the consequences if he doesn't do so?
2)whether the present investment in saving/term deposit can be assessed as a resident assessee or is it to be converted into NRO/NRE account.
3) what is the rate of TDS for NRO account for person staying in USA under DTAA.
Menu
Non resident taxability
Hey hi,
Q-1)Whether the assessee has to compulsorily declare himself as a NRI in his ROI, if yes, what are the consequences if he doesn't do so?
A-1) No declaration be made, same can be communicated through return o be files. If asked by IT dept he has to prove by providing documents.
2)whether the present investment in saving/term deposit can be assessed as a resident assessee or is it to be converted into NRO/NRE account.
A-2) Int accrued in india is Income Taxable in India u/s 9(1)(i).
Q-3) what is the rate of TDS for NRO account for person staying in USA under DTAA.
A-3) the DTAA between India and the US lays down a TDS rate of 15% on interest from deposits in India. u/s195 its 30%
Thanks//Vaibhav
Recent Topic
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
- NRI Query: Capital Gains Tax Exemption under Secti
- Royalty payment to UK
- Calculate ITR2 tax with equity and non equity prof
- LTCG on residential property sale - Rebate?
- TDS MISMATCH AND AIS
- Return filing for intervening period upto date of
- EPF Withdrawal taxation
- While e filing otp not generating
Related Topics
CAclubindia
