Hi,
    Good to have a website like investmentyogi. Nice to see that interface is excellent to use.
 
 Very short intro of myself. I  am NRI(male) based in US aged about 33 years. I had one question regarding bank interest income.
 Is bank interest income taxable at 30.9% for NRIs irrespective of the indian income salary? Let me give a simple example of what my question is
 
 Lets say my indian income salary is 1,20,000.    Also interest income earned from fixed bank deposits in savings bank account is 20,000.
 So how is my tax calculated?

  Is it according to option a) or b) given below?
 
 a) 1,20,000 + 20,000 = 1,40,000    --------- Total income is < 1.6 Lakhs for Male individual < 65 years.    NO TAX OWED

 b) 1,20,000 --- Salary
     but 30.9 %(Tax on NRI) on 20,000 =  6180   --------- Even though total income is < 1.6 Lakhs for Male individual < 65 years i have to pay Rs.6180 as Tax.
  In this case, irrespective being in < 1.6 Lakhs bracket, TAX I OWE IS Rs.6180

@manjunaga:

1)  Is bank interest income taxable at 30.9% for NRIs - Bank interest is subject to TDS @ 10.3%.  

2) how is my tax calculated? It is calculated as per (a) above in your question; however, the current exemption limit is Rs 180,000 p.a for male below 65 years of age.

Hi Priyac21,

       Thanks for the reply. I filed my returns through investment yogi. However when i made tax e-payment through SBI it gave reference Number as IK10077919, my bank account number "XYZ", amount debited,date and debit branch.  It never showed me the Challan Number.

In my bank statement also it shows 432949161 IK10077919 TRANSFER TO 30366333906 INCOME TAX. I have assumed IK10077919 is BSR Code here.

Now the Question is 1) which is Challan Number to be filled after tax epayment(as mentioned in tax yogi)?                

                              2) BSR Code provided by tax yogi allows only IK10077 to be filled and the rest of the 3 digits is not allowed. I mean only 7 characters is  limit set in BSR Code. How do i fill the complete BSR Code? Can investment yogi rectify this?

Hi Manjunaga,

BSR code and Challan no. are mandatory fields as per RBI and tax laws and TaxYogi follows the same format. It can not be changed. What you are quoting is a transaction reference no. which the bank has provided. There are 2 ways of getting the corresponding Challan no. and BSR code:

1. When you see the bank transations page each txn is clickable and when you click on this txn to see the details you may be able to see those details
2. After 1-2 days of making the payment the form 26AS will be updated. Check it and you will get challan no., BSR code related to this txn. Here is an article on how you can do it: http://www.investmentyogi.com/taxes/how-to-view-your-tax-credit-form-26as.aspx