Interest Income of NRI

This query is : Resolved

Rahul Mehta (Querist)
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11 April 2009 What is the last date for filing TDS return for payments made upto 31st march and for provisions on 31st march

Pawan Mittal

Pawan Mittal (Querist)
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11 April 2009 Mrs.X aged about 55 Yrs having the income of Rs.500000.00 for FY 2008-09 from interest on ONR Account with Indian Bank.

1. Is there any special provision of Tax Rates ?
2. Will she get the benefit of tax free income limit up to Rs.150000.00 ?

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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11 April 2009 To Rahul : Last date for filing last quarter TDS return is 15th June.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 April 2009 To Mr Pawan

1.Yes. The said interest income is to be assessed u/s 115E @ 20%. Citation:- V.Ravi Narayanan 300 ITR 62 (AAR).

2.Exemption of Rs.1,50,000/- will not be allowed against the said interest income.

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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11 April 2009 I AGREE WITH EXPERTS