I am an NRI getting around 60 Lakhs yearly interest on my NRE deposits which at present is tax free. When I become a Resident Indian then how much tax I would have to pay for the 60 Lakhs yearly interest.
Ans: When you become an Indian Citizen, you would be subject to TDS (Tax Deduction at source) provisions. Rate of TDS at present is 10% with valid PAN or 20% without PAN. However, this TDS shall be adjustable with your actual Income Tax Liability.
Income Tax Calculations depend on many factors & additional information, which is not available in your details. This info/factors would be Financial Year, Your Other Income from all other sources, Tax Savings-if any & Your age etc.etc.
Most welcome for any further clarifications. Thanks.