Hi,
One of my client, has interest income from NRO Deposit and Banks have carried out TDS. He has returned to India for Good in April 2011. He says there is a circular / notification / provision in IT Act, etc to levy income tax on Interest income from NRO deposits at lower rate @ 12.5% . Is it so?
Can some one clarify the issue and provide the the source if any.
Regards
V.R.Murali
CAclubindia
