Whats impact on the interest I receive on my Regular saving account for a NRI?

Im an NRI staying in USA. I have a regular saving account in India, ICICI (not NRE or NRO or anything like that). I regularly move my savings from US to my ICICI account through M2india. Mostly used for family maintanance. I do receive interest on this money in my saving account. I dont have a PAN card or ever employed or filed taxes in India. My question is: Should I file taxes for the interest I receive on this account in India? If yes, whats the procedure?
Answer:

if u are depositing money in NRE account, the interest if not taxable. but if you are earning interest in savings bank ( normal, as an indian citizen ) the interest it taxable. u dont have to pay any taxes if the total amount of interest earned through your bank account and other investments does not exceed rs 1,45,000 for the financial year 2008 - 2009. secondaly if the interest amount in your savings banks account exceeds rs 10,000/- in one financial year the bank would deduct 10 % income tax ( plus surcharges ) from the interest amount you earned.

Vishnu B at Yahoo! Answers Visit the source

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Other answers

No There is no any tax u have to pay coz no tax for that money which is coming from outside, not a single penny. dont worry and forget about interest there is 2.35 % /anum in icici so no taxes

tushar k

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