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Tax on interest income in India
Posted on 06.09.2011 17:59
Tax on interest income in India
Hi,
I spoke with the SBI Manager in Frankfurt regarding opening of an NRO (not NRE) account in Bangalore.
He told me that there is double taxation policy on submitting which the bank will not charge the tax (i think it is 30% of the interest income) from our maturity.
Does any one have some experience in this area?
Thanks
R
geeklikegeek
Member since 07.03.2011
Posted on 08.09.2011 11:50
Re: Tax on interest income in India
As far as i know, the bank withholds tax automatically on interest earned in an NRO account.
So what document are you supposed to submit to the bank to get the waiver?
found the answer...search for DTAA
raj
Member since 27.01.2004
Posted on 08.09.2011 14:21
Re: Tax on interest income in India
you have to show that you have paid the taxes in Gemany. Its better to let 30% by an Indian bank..its not worth it
havehope
Member since 23.07.2004
