TDS rates of NRO customers
(Doc ID 2520325.1)
Last updated on APRIL 08, 2020
Applies to:Oracle FLEXCUBE Core Banking - Version 220.127.116.11.0 to 18.104.22.168.0
Information in this document applies to any platform.
As per provisions of Finance Act-2018, it is mentioned that Surcharge would be applicable on NR customers depending upon the income of the customers as per the below table.
|TDS Rates for NRO Customers||Withholding tax rate% (Foreign Company)|
|Less than or equal to ₹ 50 lakhs||41.6% (tax rate @ 40%+surcharge 0% + cess 4%)|
|Greater than ₹ 50 lakhs but upto ₹ 1 crore||41.6% (tax rate @ 40%+surcharge 0% + cess 4%)|
|Greater than ₹ 1 Crore but upto ₹ 10 crore||42.43% (tax rate @ 40%+surcharge 2% + cess 4%)|
|Greater than ₹ 10 crore||43.68% (tax rate @ 40%+surcharge 5% + cess 4%)|
The goal of this section is configuration to achieve the above.
DISCLAIMER: This note is provided for informational purposes only.
The note has been prepared for version 22.214.171.124.x for income based slab for TDS rate of NRO Customers and appears to work as intended. However, you should refer to the deployed version documents, configure and test in UAT and verify.
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