is NRI and he has Fixed Deposit with Bank when he was in India and now Annual
Bank FDR Interest is Rs.75000/- on which Bank has also deducted TDS @10%
Rs.7500/- as PAN is furnished.
suggest whether Exemption Limit of Rs.2.50 Lakh is available or not and what is
the tax rate and liability applicable in this case.
Yes, exemption limit of
Rs. 2.50 Lakh is available to non resident and slab rate of individual is
applicable for this kind of income. As per FEMA regulation, it isn t legal to
maintain a resident savings account when status of assessee has changed to NRI,
the assessee should approach to the bank to convert the savings account as NRO
account to comply with the Indian laws as soon as you become an NRI.