Tds variations

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 May 2012 Can export to nepal be invoiced in INR and can payment be realized in INR too according to FEMA act and ACU mechanism plz let me asap

Guest

Guest (Querist)

30 May 2012 Dear Sir / Mam,

If a company does editing or mastering or does VFX on a project (a movie / serial), & if we are giving cheques in the name of the company then should we deduct TDS as per professional fees or TDS as per contract??

Bottom Line, when should we apply TDS on professionals & TDS on contracts? & what should I apply for the above situation.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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30 May 2012 AS PER FOREIGN TRADE POLICY2010-11 PARA 2.40 :- ALL EXPORTS CONTRACT & INVOICES SHALL BE DENOMINATED EITHER IN FREELY CONVERTABLE CURRENCY OR INDIAN RUPEES BUT EXPORT PROCEED SHALL BE RELISED IN FREELY CONVERTABLE CURRENCY.

in view of above , no effect occurs.

Regards,

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RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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30 May 2012 must read:

http://www.cbec.gov.in/excise/cx-act/notfns-2k1/cent45c-2k1.htm

http://www.cbec.gov.in/excise/cx-circulars/cx-circ12/961-2012cx.htm

http://www.indiandata.com/trade_policy/export_procedures.html