Hi,
I transferred my foreign income to my NRO account instead of NRE Account by mistake. By the time I got clarification on repatriation of funds from NRO to NRE Account, the bank deposited the interest and deducted Wealth Tax on same.
As this was incorrect transfer done and the repatrition took time, Can I claim Refund of Wealth Tax Deducted as the source of income is non taxable and I have evidences available to prove the same? Please suggest.
Thanks
First of all, its not wealth tax, but TDS as per income tax act ..........on interest earned by the funds during the period it lied in NRO account......
It is as per law and you can claim the same back by filling income tax return.....provided total interest income is below basic exemption limit.....
Contact a tax consultant/CA who can get work done for you....... Good luck........
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