I was NRI for FY 22-23. I reported the interest income earned in India for Jan -Dec 22 in USA, TDS has already been deducted here, I need to claim Foreign Tax Credit in USA for the taxes I have paid in India. Question is how to calculate tax for the interest income. Shall it be the marginal tax rate after all the standard deductions or the flat 30%?
I should have asked this question long before as US tax filling date was 14th April, but I applied for extension to file my USA returns.
CAclubindia
