Whether TDS u/s 195 or any other section is attracted for deduction of tax at source for payments made to foreign party on account of purchase of timber for trading in India ?
A.O. has claimed that its a payment to a foreign party, hence section 195 of I.T.Act will be attracted, as this section says for " Other sums ".
10 August 2011
Can you please give me some more references of non applicability of TDS on import of trading goods. Can some case laws or circular reference can be given in this regard. Please give so.
CAclubindia
