Hi ,
My brother is a NRI & Don't have any Income in India . He had invested in ICICI Bank FD .
Bank has deducted TDS on the Interest . What's the rule on Deduction
and how can he claim the refund
Br//Rashmi
rashmi1kanta (MANAGER) (110 Points)
25 August 2012Hi ,
My brother is a NRI & Don't have any Income in India . He had invested in ICICI Bank FD .
Bank has deducted TDS on the Interest . What's the rule on Deduction
and how can he claim the refund
Br//Rashmi
CA Pramod Jain
(manager finance)
(1577 Points)
Replied 25 August 2012
if interest exceeds more then 10000/- in a year bank will have to deduct tds @ 10% and if pan is not updated with bank then they will deduct tds @ 20%.
file ur bro's itr in india and u can claim refund
CA SANDESH MAHIPAL
(Practicing in GST and MSME )
(1985 Points)
Replied 25 August 2012
Since payment has been made by a resident (Bank) to a non resident (Your bro), section 195 will apply and TDS will be deducted by bank at the time of credit of interest into your account or payment in cash whichever is earlier.
(Limit of 10000 does not apply in this case as this is applicable under section 194A)
Your brother has to file his IT return in india to claim this TDS.
Regards
CA Sunny Aggarwal
Tax Consultant
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
