BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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10%
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20%
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It is exempted from income tax and wealth tax
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None of the above
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Detailed explanation-1: -TDS is deducted at 30% plus applicable surcharge and cess.
Detailed explanation-2: -However, if an NRI receives a certain types of income from India, then TDS will be applicable to such income. The TDS will be applicable even if Re 1 earned from such income, irrespective of whether an NRI’s total taxable income exceeds basic exemption limit Rs 2.5 lakh or not in a financial year.
Detailed explanation-3: -The TDS rate has to be taken as per the relevant section provided in the Income Tax Act, 1961. TDS is exempted in the following 2 cases: If the receiver gives a self-declaration saying that he had made the required investments in FORM 15G/15H or. There is a certificate of exemption given by the Assessing Officer.
Detailed explanation-4: -NRIs can claim exemptions under Section 54, Section 54 EC, and Section 54F on long-term capital gains. Therefore, an NRI can take benefit of the exemptions from capital gains when filing a return and claim a refund of TDS deducted on Capital Gains.