Tds u/s 195
This query is : Resolved
08 December 2014
Whether TDS u/s 195 is applicable on Reinsurance premium remitted by domestic broker company to Foreign insurance companies ?
Foreign companies do not have PE in india.
Foreign companies do not have PE in india.
08 December 2014
The Income-Tax Department has slapped notices on general insurance companies asking them to pay tax on premiums paid to reinsurers overseas. According to the tax authorities, the premium paid to overseas companies is taxable and should be deducted at source. Their contention is that as Indian insurance companies are collecting premium from the insured in India and the same risk is reinsured with overseas companies, Indian companies are acting as agents for the foreign reinsurers.
08 December 2014
Sir we are insurance brokers who collects insurance premium from indian insurance companies and remit the same to foreign companies . Still TDS would be applicable?
Many thanks for your reply.
Many thanks for your reply.
09 December 2014
Yes TDS applicable......
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