07 September 2019
I have an income of around 5 lakhs from fixed deposits (on investment of 85 lakhs) in NRO bank account. Banks would be deducting flat 30% TDS (1.5 lakhs) on this income. Would I be able to claim a refund in the ITR if this is the only income that I have in india?
Ideally the income tax slab that applies to me with a total income of 5 lakhs is 5% (Rs. 25000). But bank has a flat 30% deduction. Can I get a refund of the excess 25% (Rs. 125000)?
CAclubindia
