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Here is the TDS rate on the interest earned in NRO accounts, which is subject to tax in India. Recent data shows that these TDS rates are 30% with surcharges and cess after the NRO account deposit. Receiving your interest income on your NRO savings bank account is a country source, and you're liable to pay taxes.
All the income that you will earn as an NRI is applicable for tax as per Indian laws, TDS of 30%. All incomes are subject to paying surcharges and cess, and if your income exceeds INR 10 lakhs, then a surcharge of 10% will be applicable on TDS.
Under Section 195 of the Income Tax Act 1961, to deduct tax Source of the income of an NRI. The TDS rate is declared in the Finance Act. which is, On the interest earned up to INR 10 lakhs, TDS will be 30.90%, and the interest earned beyond INR 10 lakhs the the TDS is 33.99% with surcharges and cess. But the TDS is subject to the Double Taxation Avoidance Agreement (DTAA).
As an NRI, I want to share my experience of paying taxes on the interest that I have earned in the NRO account. I have earned a total of 30% interest in my NRO account, which has been deducted along with all applicable surcharges and cess. The income that is generated in my bank account as interest is subject to a 30% TDS deduction in India.
If you are receiving money in your account directly into your account and the money is taxable because you are an NRI. This is because the income you receive is taxable whether you are an NRI or an Indian resident. NRO account is also taxable according to the Indian slab rate. You need to pay 30.90% TDS on the payment that you will make.
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