17 November 2011
A non resident Indian have interest income on FD in India of Rs. 1610244/-. the normal tax is Rs. 347184/-. Tds has been deducted of rs. 235077/-.
He has no other income in India.
He is resident of UAE. as per DTAA the tax rate is 12.50%+2%+1%=12.875%.the tax as per DTAA is Rs. 207319/-. whether he can claim relief u/s 90. of Rs. 139865.
If above calculation is wrong than how will be his interest income assesed under income tax act?
19 November 2011
He can definitely claim relief. income shall fall under special tax rate of 12.5% (without Education cess). DTAA is the code to be filled in ITR. calculate Tax & TDS & claim refund.
CAclubindia
