If a NRI has income by way of Fixed Deposit with indian bank and no other income in india.
what is rate of tax is applied on him and wether ha can claim slab benfit also.
Replied 01 April 2013
Yes he can claim slab benefit on any income accrue or deemed to accrue or received or deemened to received in india.
Section 90(2) states that tax will apply by provision of income tax act or by provision of DTAA whichever is more beneficial to assessee.
1. If the tax payer is individual, HUf or any person eligible for tax slab and basic exemption can get that benefit. so you need to calculate tax as per normal provision of act by applying tax slab and calculate by provision of DTAA and the final tax liability will be lower of two.
2. if person is NRI for the country with whome no DTAA is available then, you just have to calculate tax as per provision of income tax act.
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