Applicabilioty of TDS on reversing of share applicaitonmoney
This query is : Resolved
03 February 2010
Dear all,
One of our clients has got some share application money from their US holding company in multiple installments.
Recently, the Indian subsidiary ownership is changed and two more local companies have bought shares and eventually become majority shareholders. In this regard, the share application money invested by US company is now being returned to that company. Please clarify if TDS is applicable on this remittance?
regards,
Sriniwas VN.
One of our clients has got some share application money from their US holding company in multiple installments.
Recently, the Indian subsidiary ownership is changed and two more local companies have bought shares and eventually become majority shareholders. In this regard, the share application money invested by US company is now being returned to that company. Please clarify if TDS is applicable on this remittance?
regards,
Sriniwas VN.
03 February 2010
in my opinion, as no income is chargeable on this transaction under The I. Tax Act,1961, no need to deduct tds u/s 195.
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