Income Tax Filing For Individuals
Question: FOR NRI, INCOME TAX RATES , RATE OF TDS FOR INTEREST AND ADVANCE TAX IN INDIA FOR ASSESSMENT YEAR 2010-2011?
I have to file income tax return as an individual for the first time in india as NRI.. I have only pension income, and bank interest.
I have no house in india and there is no any loan taken by me.
Answer: As per bank records if they noticed you as NRI, then they will deduct 30%. Otherwise they will deduct 10% from interest.
The Slab rates for NRI is follows:
0- 1,60,000 Tax Free
1,60,000 to 3 lakhs @10%
3 lakhs to 5 lakhs @20%
5 lakhs and above @30%.Plus education cess @3% on tax
If your total income including bank interest and pension income is less than 1.6 lakhs, then your need not pay any tax and at the same time you can claim TDS refund (If any).
About advance tax : when the bank is deducting TDS there is no need to pay further advance tax. If you feel that the TDS amount is not sufficient, then you have to pay advance tax. Advance tax has to be paid if the balance tax to be paid is more than 10,000.
For example: If your total tax is Rs.25,000. and the TDS is say 20,000. The balance is 5000. So no need to pay advance tax.
Advance tax Dates:
30% of tax on or before 15th Sep.
30% of tax on or before 15th Dec.
40% of tax on or before 15th March.
Record Number of PA Taxpayers File Electronically
More than 3.5 million taxpayers, or about 66% of all individual taxpayers, filed 2009 Pennsylvania personal income tax returns electronically this year, setting a new record for electronic filing.
Income Tax Propaganda Cartoon
