Hi ,
My brother is a NRI & Don't have any Income in India . He had invested in ICICI Bank FD .
Bank has deducted TDS on the Interest . What's the rule on Deduction
and how can he claim the refund
Br//Rashmi
Menu
Tds on interest from fd
Replies (2)
if interest exceeds more then 10000/- in a year bank will have to deduct tds @ 10% and if pan is not updated with bank then they will deduct tds @ 20%.
file ur bro's itr in india and u can claim refund
Since payment has been made by a resident (Bank) to a non resident (Your bro), section 195 will apply and TDS will be deducted by bank at the time of credit of interest into your account or payment in cash whichever is earlier.
(Limit of 10000 does not apply in this case as this is applicable under section 194A)
Your brother has to file his IT return in india to claim this TDS.
Regards
CA Sunny Aggarwal
Tax Consultant
Recent Topics :
- Late Fees and Interest
- HDFC Bank’s Bureaucracy: The Nightmare of Fl
- Running a CSC Center, Maha E-Seva Kendra, Setu Ken
- GSTR-9 Table 8A issue
- CA Inter Coaching institutes at Hyderabad
- Looking for practising CA
- TDS return filing
- Need formats of FS as per Co act 2013 in soft copy
- Remittance to italy
- Invoice made but goods not sent
Related Topics :
CAclubindia
