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When I redeem for SIPs from my ultra short term debt funds, TDS of 30% is applied before the payout. Can I claim for refund as I am an NRI and I don t have any other income in India. Can I file the ITR online?
-Sabu Jose
To claim a refund, you need to file your income tax return in India. You can do so online using the Income Tax e-filing portal.
NRIs are taxed in India for income that is earned in India. Fund houses are mandated to deduct TDS on the investment of NRIs at the time of redemption at the rates mentioned in the table below. But if it is more than your actual tax liability in India, you can file your return and claim a refund.
| Applicable Tax Rates for NRI | ||
| Category | Tax Rates | TDS Rates |
| Short Term Capital Gain | ||
| Non-equity Oriented Scheme | As per the income tax slab | 30% for Non Resident Individuals |
| Equity Oriented Scheme | 0.15 | 0.15 |
| Long Term Capital Gain | ||
| Listed Non-Equity Oriented Scheme | 10% without Indexation or 20% with indexation, whichever is lower | 20% for Non Resident Individuals |
| Unlisted Non-Equity Oriented Scheme | 10% without indexation | 10% for Non Resident Individuals |
| Equity Oriented Scheme | Nil | Nil |
This article was originally published on June 16, 2017.
Disclaimer: This content is for information only and should not be considered investment advice or a recommendation.
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