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Taxing of Interest from Savings Accounts and Fixed Deposits

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deafdrummer
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.

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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.

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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.

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