Posted On
8/1/2017
11:17:55 PM
by
TAX
you will have to pay tax on this no excuse your hard earn money is needed.. not black money ... black money no problem ;)
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Posted On
8/2/2017
12:29:51 AM
by
PRK
You have to pay income tax on interest earned from FD. Normally bank deducts income tax. it is called TDS (Tax deducted at source). If you ask bank will issue you a TDS certificate. You can claim TDS deducted by filing IT returns, if your total income generated India including FD interest is less than 3 lakhs. If your total income is more than 3lakhs, you have to pay IT depending on you Income and which category it falls. TDS is deducted at the rate of 30%.
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Posted On
8/2/2017
3:16:27 AM
by
Sm
Your question is confusing. How can you have FD in a savings bank account. Savings bank interest is tax free upto Rs.10,000 per year.
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Posted On
8/2/2017
10:28:03 PM
by
Saving Bank Account , Income Tax is applicable
@ SM
I had SB bank in India, I did not change that to NRE. After I came to Kuwait and remitted amount and asked him to make FD's. it this case My FD's are considered as local (India) resident or NRI (abroad).
What is limit for Income tax .
Post office deposit exempted from I T , What is the limit for Mutual Fund.
Please advice.
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Posted On
8/2/2017
11:18:22 PM
by
Sm
In your case the rs 10000 limit does not apply. If the total interest and other Indian income crosses rs 2.5 lakhs you have to pay tax for the amount over rs 2.5 lakhs
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Posted On
8/3/2017
12:07:42 PM
by
ssb
Dear Friend, 1) It is better to open NEW NRE account at the earliest. It will eliminate unnecessary Income tax problems. If you are transferring funds to Resident SB account, then if the income (total funds credited) exceeds Income tax threshold limit, you are supposed to file Income tax Return. You may have to pay Income tax etc. 2) In case of NRE, you can make Fixed deposit and Interest in Tax free. other wise, you can transfer funds from NRE to other resident accounts of your family members etc.3) NRIs are not eligible for investment in Post office savings scheme. 4) Post office time deposit is not exempt from Tax. 5) Mutual funds - for Equity related schemes -lockin period is 1 year and for other schemes - 3 years. If your investment is redeemed before lockin period , you have to pay Short term capital gains tax. After lockin period, NO capital gains tax. 6) As NRE FDs are exempted from tax, do not worry. In case of FDs on Residents, Banker will do TDS, then file IT return and take refund. As you are transferring the funds to your resident account, then how you can convince tax authorities for Tax refund. They will ask your tax payment for that Income credited to your bank account. All the best
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Posted On
8/5/2017
11:41:36 PM
by
Saving Bank Account , Income Tax is applicable
Thanks ssb for information
1. On the FD's (3)receipts mentioned different account number (Not my saving bank account number) Is it FCNR account's ? tax free ? as got information from Google.
2. I informed bank manager, that I am out of station and send him my passport copies. told him to convert my SB to NRE.
3. He can convert saving bank account in to NRE account without my personal present.
how much tax will deduct, please comment.
recently I transferred 1.35 lakhs, to my SB account for Mutual fund SIP dedication monthly. this amount will taxable
please advice.
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Posted On
8/6/2017
8:06:16 AM
by
scaredtodeath
To SBA,
The income tax is applicable only if your yearly bank interest becomes more than Rs.250,000/-. Otherwise no need to worry.
Your Saving Bank Account cannot be converted to NRE A/C, you will have to open new NRE A/C. S.B. A/C can be NRO A/C.
Please note that NRE A/C is necessary to send money from here. Now that you can not convert Fixed deposits to NRE Fixed deposits, break the fixed deposit and use the money for sip or whatever. and send money from here to NRE A/c to open NRE Fixed Deposits to replace existing ordinary Fixed Deposits. It will also save TDS and give more interest.
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