- NRO Deposit if the interest earned on NRO Deposit is less than Rs.1,50,000 you can submit From 15G and ask the bank not to deduct any tax on the interest income.
- If however your income is more than Rs 1,50,000 you can submit From 13 to the income tax officer under whose jurisdiction you come under for less deduction of tax or no deduction of tax and then the ITO will give you a certificate that no tax or less tax should be deducted.
- Submission of From 15G is easy as it is really available with the banks.
- Submission of From 13 to ITO is a lengthy process and can be done through a chartered accountant.
- From no 15G can be submitted by both residents and non-residents and it does not matter whether the funds have originated from India or any other country.
- Bank must deduct tax at source if interest is more than Rs. 10,000 in a year.
- You can submit a From 15H/15G so that no tax is deducted at source. You can get this form from the bank or download