What is the TDS deducted on NRO fixed deposit interest?
The interest on NRO is fully taxable at the rates applicable to Residents. But there is no income threshold under which TDS is not chargeable. However, TDS is applicable @30.6% and nothing can be done in practice to avoid it. The only recourse open is to claim refund by filing tax returns. In case the interest payable is over Rs. 10 lakh from the same branch of the bank, there is a surcharge of 10% taking the total tax to 33.99%. There is a marginal relief available by way of the surcharge payable being limited to the income over Rs. 10 lakh. Q) I am contemplating the sale of a plot of land in Gurgaon for approximately 60 lakh. Can I deposit the proceeds into my NRE or NRO account? I understand that the street value of my plot of land is higher than the official value. Therefore, it appears as if the official documentation related to the sale will specify a sale value of Rs. 40 lakh instead of Rs. 60 lakh. Please help me understand the tax implications of this land sale. A) If you have
