Taxation of NRI (A Non - Resident)
This query is : Resolved
28 June 2009
The assessee is a NRI. He has deposits in banks TDS is being deducted by the bank. The return is to be filed for the first time. The assessee is a senior citizen. KIndly advise on the following issues:-
1) TDS-when it should be claimed? Whether in the year in which TDS is deducted or in the year in which interest income from bank is offered for taxation on maturity of FDR i.e. on cash basis?
2) Whether the assessee will be entitled to benefit of higher income limit being a senior citizen?
3) Whether benefit of 80C is available?
4) Is the income of NRI assessable at special rate or flat rate?
1) TDS-when it should be claimed? Whether in the year in which TDS is deducted or in the year in which interest income from bank is offered for taxation on maturity of FDR i.e. on cash basis?
2) Whether the assessee will be entitled to benefit of higher income limit being a senior citizen?
3) Whether benefit of 80C is available?
4) Is the income of NRI assessable at special rate or flat rate?
28 June 2009
1. TDS should be claimed in the year of deduction of TDS. Take TDS certificate from bank and recognise the interest income in the ITR.
28 June 2009
2. Assessee will be entitled to higher basic exemption limit for being a senior citizen in respect of the income accrue or arise in India.
28 June 2009
Benefit u/s 80C shall be allowed to the extent of Indian Income.
28 June 2009
If you are availing option of claiming basic exemption, then Indian income of NRI individual shall be taxable at the slab rates.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
