Hi,
I am a UK citizen, working and resident in UK.
I have foreign (interest) income in India from savings. The interest income is >£2000. Neither the savings nor the interest income have been transferred to UK.
I am taxed at source by the Indian banks @30%.
Can I claim Foreign Tax Credit Relief on the entire 30% tax that is deducted by Indian Tax authorities?
Or can I claim reflief only on 15% of the income (I believe 15% is the maximum that Indian authorities can deduct under the DTAA between UK and India)?
The reason I am taxed @30% by Indian banks and not @15% is because I have not submitted the DTAA paperwork to Indian banks (annual residency certificate from HMRC).
Thanks in advance.
sushD
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