Sowmya.S.Balan (Paid Assistant) (749 Points)
10 June 2011DEar sir,
What is the rate for deducting TDS on payment of interest to non resident?
IF the non resident have no PAN whether redund is receivable or not?
if not receivable can it be rectified by taking new PAN & revising return
please very urgent
C.Balaji
(Learner)
(1867 Points)
Replied 10 June 2011
Dear Sowmya,
I think, the Withholding of Tax on Interest for NRI is 15%.
No Refund can be claimed without filing of Return. NRI should have PAN to file return and get the refund.
valji
(Accounts manager-MBA)
(2150 Points)
Replied 10 June 2011
Rate of TDS for NRI under sec 195 are 30%+3% education cess
no refund is possible without filing income tax return
PAN no also reuire for getting refund without pan No not any credit is given so refund is not possible
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FD)
(7024 Points)
Replied 16 July 2011
| Originally posted by : Sowmya.S.Balan | ||
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DEar sir, What is the rate for deducting TDS on payment of interest to non resident? IF the non resident have no PAN whether redund is receivable or not? if not receivable can it be rectified by taking new PAN & revising return please very urgent |
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If an Indian Company is paying interest to NRI, first let me clarify that INDIAN COMPANY can't take loan from NRI under FEMA(either in Indian Rupees or foreign currency)on repatriation basis.
The same is only permitted under non repatriation basis.
Also the period cannot exceed 3 years.
Also the said funds should not be used for real estate activities.
Anuj
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