SBI Self Declaration form for availing tax benefit in NRO account under DTAA

The document NRI-14 is a self-declaration form used by NRO (Non-Resident Ordinary) account holders to claim tax benefits under the Double Taxation Avoidance Agreement (DTAA).

1. Purpose of the Declaration

• The primary goal of this form is to request a lower rate of Tax Deducted at Source (TDS) on interest earned in an NRO account.

• It serves as a formal declaration of the account holder’s residency in a specific foreign country for tax purposes.

• The applicant must confirm they are the beneficial owner of the NRO account mentioned in the form.

   

2. Required Tax Identifiers

• The account holder must provide their Permanent Account Number (PAN).

• Provision of a Tax Identification Number (TIN) from their country of residence is optional but included as a field.

• The form requires the specific Assessment Year and the corresponding financial period (April 1 to March 31) for which the residency status applies.

   

3. DTAA Specifics

• The applicant must explicitly name the country with which India has the Double Taxation Avoidance Agreement.

• The form requires the user to specify the exact tax rate percentage mentioned in the relevant DTAA that should be applied to their interest income.

4. Indemnity and Responsibility

• The account holder assumes full responsibility for any Indian income tax liability, including interest or penalties, that may arise if the bank applies a lower TDS rate based on this declaration.

• The applicant undertakes to produce further evidence or documents regarding their residential status if requested by tax authorities.

   

5. Mandatory Contact Information

• To be valid, the form must include the applicant’s name, email ID, contact number, and their current residential address in the foreign country.