NRI's CORNER
F.E.M.A.

NRIs CORNER - TAX  RATES TABLE AS REGARDS TAXABLE INCOME
FOR THE FINANCIAL YR 2014-15 & FOR THE FINANCIAL YR 2013-14


FOR THE FINANCIAL YEAR 2014-15
1.      For Individual / HUF
 
TOTAL INCOME (INR)
RATE OF INCOME TAX
i)
0 < 2,50,000
NIL
ii)
2,50,001 < 5,00,000
10% of the amount by which the total income exceeds Rs.2,50,000
iii)
5,00,001 < 10,00,000
Rs.25,000 + 20% of amount by which the total income exceeds Rs.5,00,000
iv)
Total income more than 10,00,000
Rs.1,25,000 + 30% of amount by which the total income exceeds Rs.10,00,000 
 
 
2.      For Resident Senior Citizen i.e. who is of an age of 60 years and above, but below 80 years.
 
 
TOTAL INCOME (INR)
RATE OF INCOME TAX
i)
0 < 3,00,000
NIL
ii)
3,00,001 < 5,00,000
10% of the amount by which the total income exceeds Rs.3,00,000
iii)
5,00,001 < 10,00,000
Rs.20,000 + 20% of amount by which the total income exceeds Rs.5,00,000
iv)
Total income more than 10,00,000
Rs.1,20,000 + 30% of amount by which the total income exceeds Rs.10,00,000
 
3.      For Resident Very Senior Citizen i.e. who is of an age of 80 years and above.
 
 
TOTAL INCOME (INR)
RATE OF INCOME TAX
i)
0 < 5,00,000
NIL
ii)
5,00,001 < 10,00,000
20% of amount by which the total income exceeds Rs.5,00,000
iii)
Total income more than 10,00,000
Rs.1,00,000 + 30% of amount by which the total income exceeds Rs.10,00,000



Note:  When the Aggregate income exceeds Rs 1 Crore, Tax Amount shall be increased by Surcharge at the rate of 10%.


 
FOR THE FINANCIAL YEAR 2013-14
1.      For Individual / HUF
 
TOTAL INCOME (INR)
RATE OF INCOME TAX
i)
0 < 2,00,000
NIL
ii)
2,00,001 < 5,00,000
10% of the amount by which the total income exceeds Rs.2,00,000
iii)
5,00,001 < 10,00,000
Rs.30,000 + 20% of amount by which the total income exceeds Rs.5,00,000
iv)
Total income more than 10,00,000
Rs.1,30,000 + 30% of amount by which the total income exceeds Rs.10,00,000 
 
 
2.      For Resident Senior Citizen i.e. who is of an age of 60 years and above, but below 80 years.
 
 
TOTAL INCOME (INR)
RATE OF INCOME TAX
i)
0 < 2,50,000
NIL
ii)
2,50,001 < 5,00,000
10% of the amount by which the total income exceeds Rs.2,50,000
iii)
5,00,001 < 10,00,000
Rs.25,000 + 20% of amount by which the total income exceeds Rs.5,00,000
iv)
Total income more than 10,00,000
Rs.1,25,000 + 30% of amount by which the total income exceeds Rs.10,00,000
 
3.      For Resident Very Senior Citizen i.e. who is of an age of 80 years and above.
 
 
TOTAL INCOME (INR)
RATE OF INCOME TAX
i)
0 < 5,00,000
NIL
ii)
5,00,001 < 10,00,000
20% of amount by which the total income exceeds Rs.5,00,000
iii)
Total income more than 10,00,000
Rs.1,00,000 + 30% of amount by which the total income exceeds Rs.10,00,000


Note:  When the Aggregate income exceeds Rs 1 Crore, Tax Amount shall be increased by Surcharge at the rate of 10%.




Special Rates For Income Tax
:- (For the Financial Year 2014-15 & 2013-14)

4.   Short Term Capital Gain
 

 

INCOME (INR)

RATE OF INCOME TAX %

i)

Short Term Capital Gain of Equity Shares or unit of an equity oriented fund

15%

ii)

Other Short Term Capital Gain

Normal rate of Tax of 0% to 30%

iii)

Benefit of Threshold Exemption Limit is not available to NRI

 

 5.   Long Term Capital Gain

 

 

INCOME (INR)

RATE OF INCOME TAX %

i)

Long Term Capital Gain from equity share or

unit of an equity oriented fund

Exempt

ii)

Long Term Capital Gain from listed securities

Tax @ 20% after indexation.

or

Tax @ 10% without indexation.

iii)

Long Term Capital Gain from unlisted securities

[In case of a Non-Resident (not being a Company) or a Foreign Company]

10%

iv)

Long term Capital Gains on Specified Assets  (In case of NRI)

10%

v)

Long Term Capital Gain other than the above

20%

vi)

Benefit of Threshold Exemption Limit is not available to NRI

 

 

TDS RATE CHART FOR FINANCIAL YEAR 2014-15 FOR RETURNING NRIs

Sr. No.

Nature of Payments

Threshold Limit (in Rs.)

Rate in %

W.e.f. 01.07.10

1

Interest From Bank

10000

10

2

Other Interest – eg. On company Deposits, Post Office accounts, etc.

5000

10

3

Commission/Brokerage

5000

10

4

Property Rent

180000

10

5

Plant/Machinery Rent

180000

2

6

Professional Fees

30000

10

7

Salary

Rs. 2,50,000 (Individual / HUF) Rs. 300000 (Senior Citizen), and Rs. 500000 (Very Senior Citizen)

TDS @ Applicable slab Rate

 

Note – 1

Surcharge and Education Cess is not applicable on TDS on any payment made to Resident.

Note – 2

If PAN not provided by the Deductee then rate as per above table or 20% which ever is higher is to be deducted.

Note – 3

So forth status of the Returning NRI is Resident but Not Ordinary Resident (R but NOR), Interest on FCNR Deposits and RFC Deposits is exempt from Tax and hence not liable for TDS. His global income will also not be charged to tax in India.

         

 

 

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