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Tax on interest income in India

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Tax on interest income in India
Answer
9/6/11 8:59 PM
Hi,

I spoke with the SBI Manager in Frankfurt regarding opening of an NRO (not NRE) account in Bangalore.

He told me that there is double taxation policy on submitting which the bank will not charge the tax (i think it is 30% of the interest income) from our maturity.

Does any one have some experience in this area?

Thanks
R
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Re: Tax on interest income in India
Answer
9/8/11 2:50 PM as a reply to R R.
As far as i know, the bank withholds tax automatically on interest earned in an NRO account.

So what document are you supposed to submit to the bank to get the waiver?

found the answer...search for DTAA
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Re: Tax on interest income in India
Answer
9/8/11 5:21 PM as a reply to R R.
you have to show that you have paid the taxes in Gemany. Its better to let 30% by an Indian bank..its not worth it
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