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TDS rates of NRO customers (Doc ID 2520325.1)

Last updated on APRIL 08, 2020

Applies to:

Oracle FLEXCUBE Core Banking - Version 11.6.0.0.0 to 11.7.0.0.0
Information in this document applies to any platform.

Goal

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
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 11.6.0.0.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.

 

Solution

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