Foreign remittance - procedure

This query is : Resolved

CD MAHESHWARI (Querist)
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10 July 2012 At what rate TDS is to be dedcuted for payment of professional charges amounting to Euro 700. Country of payment is France. Are we required to obtain any certificate etc before remittence ? Pl describe procedure. There is no reference to TDS in agreement, whether we are to gross up the amount for deduction of TDS?

V K Bajaj

V K Bajaj (Expert)
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11 July 2012 Mr Maheshwari!

You have to comply with the Form 15CA and 15CB - and then your Banker will outflow the Foreign Currency.

Certification is required from a qualified Chartered Accountant to comply with 15CA and 15CB.

contact@vkbajaj.co.in

Arihanth Jain

Arihanth Jain (Expert)
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11 July 2012 My comments:
1. TDS may or may not be required based on facts on case.
2. Yes, form 15ca/cb compliance shall be required from a CA.
3. In case of TDS applicability and Client not willing to bear the same, Remitter (you) shall gross up the same and payout as an additional cost.

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