DEDUCTION OF INCOME TAX AT SOURCE (TDS) in Corportate Fixed Deposit -

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đŸ‘‰Rules Applicable for NRI 

Income tax will be deducted at source under Section 195 of the Income Tax Act, 1961, at the rates in force.

Wherever there exists a Double Taxation Avoidance Agreement (DTAA) between Government of India and
Government of other Countries (country of Residence of respective NRI), the rate of tax deducted at source will be
applied as per the DTAA.

NRI has to give the declaration each financial year in two respects, viz.,that he is a
resident of foreign country and he is not resident in India, during the relevant Financial Year, failing which TDS will be deducted at normal rates. To claim benefit of DTAA, it is compulsory to submit Tax Residency Certificate and Form 10F.

Where income tax is deducted at source on the monthly interest a consolidated TDS certificate may be issued for the financial year.

Sub-section 5A of Section 139A of the Income Tax Act, 1961 requires every person receiving any sum or income from which tax has been deducted to intimate his Permanent Account Number (PAN) to the person responsible for deducting such tax. Further, sub-section 5B of section 139A requires the person deducting such tax to indicate the PAN on the TDS certificate. 

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  1. AnonymousAugust 1, 2019 at 9:30 PM

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