TDS on contract for overseas transaction
This query is : Resolved
27 January 2010
Dear Sir/Madam,
I have a doubt in making TDS TO OVERSEAS transaction means I transit 1249388 For six months for a Chennai party (our company is based on Karnataka )so my doubt is whether it is necessary to deduct (it is contract. If yeas how much % I can deduct.
Please Give me the answer.
Regards
chinmay hegde
I have a doubt in making TDS TO OVERSEAS transaction means I transit 1249388 For six months for a Chennai party (our company is based on Karnataka )so my doubt is whether it is necessary to deduct (it is contract. If yeas how much % I can deduct.
Please Give me the answer.
Regards
chinmay hegde
27 January 2010
query is not clear.
Please tell for which pupose you remit the amount and in which country? Whether party came to India for work? where you remitted the amount direct to foreign or in India?
Please tell for which pupose you remit the amount and in which country? Whether party came to India for work? where you remitted the amount direct to foreign or in India?
27 January 2010
If your Co. is based in Karnataka & you are remitting the amount to a Chennai party, it is not a overseas transaction. If the payee is an Individual/HUF, TDS rate will be 1% else 2%.
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