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Interest Income - Non Resident, Income Tax
|Interest Income - Non Resident|
NRI in US earns interest income in India on NRO account both SB and FD.
It is further stated that India may also tax such interest income subject to maximum rate of 15%.
Definition of “Interest” as per DTAA means “income from debt claims of every kind whether or not secured by mortgage”
In the above circumstances, whether the said NRI can avail concessional rate of 15% tax on interest income (NRO account) in India.
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