80tta eligibility

This query is : Resolved

ARTHI (Querist)
Follow

25 March 2015 Dear Friends / Experts,

Please guide me on the following, IF POSSIBLE:

NRI Assessee received Interest Income of Rs.1.10 Lac. Bank has deducted TDS under Section 195 (at 30.90%).

Query

Whether NRI Assessee is eligible for Deduction of Rs.10,000/- under Section 80TTA on the above Interest Income, for which, TDS deducted u/s 195.

Kindly clarify the TDS at 30.90% is in order and also eligibility u/s 80TTA for the Interest Income, which was subjected to TDS u/s 195.

Thanks in advance for possible replies from all concerned.

CA. Brijesh Baranwal

CA. Brijesh Baranwal (Expert)
Follow

28 March 2015 1. Yes, NRI Assessee is eligible for deduction u/s 80TTA,

2. You may file return and get refund of excess TDS. Also TDS rate may be reduced in future by providing PAN to Bank.