Tax deduction

Mohammed Sajid Khan (Querist) 10 December 2012 This query is : Resolved
D/Sir/s,

On NRI account, by Ten Lakh FD, i get around 9.5% interest per year, which would be around 95,000, the interest amount i prefer to take per year. Does any tax deduction would be applicable in that amount of 95,0000, pls advice, or bank shall credit whole amount?
Thx and regards.

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Raj Kumar Makkad (Expert) 11 December 2012
Bank should deduct TDS as per rules and should deposit with IT department.

Guest (Expert) 11 December 2012
Interest earned more than Rs.10,000 on bank deposits is taxable at source and the amount of tax would be deducted by the bank while giving credit to the account of the depositor.

Raj Kumar Makkad (Expert) 11 December 2012
I think the provision might have been more clear to you now after getting the further reply from Sr. expert.

Mohammed Sajid Khan (Querist) 12 December 2012
Sirs, is there any exemption for NRI account holders?

M V Gupta (Expert) 14 December 2012
No exemption for the NRIs. On the other hand even the filing of form 15G to avoid TDS is not applicable to NRIs.

Raj Kumar Makkad (Expert) 14 December 2012
NRIs have no preferential right to get exemption from TDS.

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