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Make home loan rates transparent

UMA SHASHIKANT
Posted: Monday, Sep 01, 2008 at 1544 hrs IST
Updated: Monday, Sep 01, 2008 at 1544 hrs IST

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: His NRO (non-resident ordinary) deposits are also subject to TDS. In both cases, the rate applied is that of the highest tax bracket. He wanted to know if he could ask his bank to not apply TDS, using a form like Form 15G. He also pointed out that he lives in Dubai, and that double taxation avoidance agreement (DTAA) applies to his income from India.
Sivaraman cannot use Form 15G as it does not apply to NRIs. He has to claim a refund, as the current laws mandate TDS before payout of taxable interest and capital gains to NRIs. He can, however, apply to his bank citing the DTAA status on his income, and seek a concessional TDS that will apply not at the highest rate, but at the normal rate of 10 per cent plus cess and surcharge. ...

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