India Expat Forum

Taxing of Interest from Savings Accounts and Fixed Deposits

4/3/2019 12:13 EST

Namaste everyone. I probably have to go to a tax accountant here in India, but I need help with a specific situation.

I am an American, living on gov't assistance (SSDI), and I must find out if this is treated as taxable income here in India for determination of how my interest earned from savings accounts and fixed deposits will or will not be taxed, and at how much. Don't worry about the US side. Just focus on the Indian side, please.

Post a Reply

00 Report abuse abuse

IngoPotsch

9/1/2019 15:17 EST

Interest accrued to savings in India will be taxed in India.
Interest and tax thereupon often depend on age.
Check your age and check withou your bank.
Tax on interest is TDS, tax deducted at source.
Can't do anything about it.

Post a Reply

00 You are reporting this! abuse

Choosing an expat health insurance provider is an important decision. Get a quote from our trusted expat health insurance partner, CIGNA. With Cigna Global Health Options, you can create an international health insurance plan that's perfectly tailored for the needs of you and your family.

Get a Quote

deafdrummer

9/1/2019 23:42 EST

However, you have to be careful about your visa type, as although you would be taxed on any visa type, you cannot have a bank account longer than 180 days long and have close it out before you leave IF you are on a tourist visa. If you are on an employment visa or some other type, your bank account is limited to the length of stay allowed on that visa type.

Post a Reply

00 You are reporting this! abuse

Expatriate Health Insurance Get a quote for expat health insurance in India.	International Moving Quotes Moving to India? Get a moving quote.
Mail Forwarding to India Mail Forwarding to India.	Expat Tax Expat Tax Preparation, Expat Tax Professionals

Join Today (free)

Join Expat Exchange to meet expats in your area or get advice before your move. It's FREE and takes 1 minute!

Expatriate Health Insurance

Get a quote for expat health insurance in India from our partner, Cigna Global Health.
Get a Quote

An Expat Talks about Culture Shock & Living in Gurgaon, India

A mom who relocated to Gurgaon, India talks about the challenges of living in Gurgaon. She finds that there's a lack out outdoor space to walk and play. Plus, numerous locals on the street have picked up and touched her 4 year old daughter without permission, which has increased her and her daughter's anxiety when out in public. She now finds herself swatting away people on the street.

10 Tips for Living in India

Expats in India advise finding an apartment building or home with a backup generator, hiring a driver and adapting to Indian food.

Expats in India advise finding an apartment building or home with a backup generator, hiring a driver and adapting to Indian food. ...

Moving to India

Moving to India? We've compiled a laundry list of advice from expats living in India about what to bring, apartments, expat life and more. It's must-read guide for anyone researching how to move to India.

Moving to India? We've compiled a laundry list of advice from expats living in India about what to bring, apartments, expat life and more. It's must-read guide for anyone researching how to move t...

Healthcare in India

An overview of healthcare in India - the quality of hospitals, prescription medicine in India, vaccinations, finding an English-speaking doctor in India and more.

An overview of healthcare in India - the quality of hospitals, prescription medicine in India, vaccinations, finding an English-speaking doctor in India and more....

7 Expats Talk About What It's Really Like Living in India

Expats in India talk about what it's really like living in India - the amazing food, friendly people, traffic, local markets, beggars, touts and more.

Expats in India talk about what it's really like living in India - the amazing food, friendly people, traffic, local markets, beggars, touts and more....