Foreign Payment
This query is : Resolved
Pavan Agarwal
(Querist)
31 January 2009
A company is making payment to the US Company for the services. In order to avoid TDS, a third person is making payment through nits credit card and later on the company is paying to the third person. What is the solution and the journal entry.
CA. B.SRINIVASULU
(Expert)
31 January 2009
This is very dangerous.
All international transactions will be monitored by rbi and it.
Further payment to foreigners without decting tax, the entire expenditure will be disallowed and you have to pay tax with interest.
Further you have to pay service tax on the same.
Please advice your company not do these type of transactions.
All international transactions will be monitored by rbi and it.
Further payment to foreigners without decting tax, the entire expenditure will be disallowed and you have to pay tax with interest.
Further you have to pay service tax on the same.
Please advice your company not do these type of transactions.
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