TDS applicability
This query is : Open
14 May 2009
A foreign Investor had filed a suit before the CLB against the Company and its Directors for mismanagement. Later, the parties to the suit compromised and the Company and its Directors agreed to pay a certain sum to the Investor for which the Investor also agreed. Now foreign currency is to be remitted.
Is TDS applicable on this payment? Is it a capital receipt not liable for TDS? If TDS is attracted, under which section and at what rate?
Please advice.
Is TDS applicable on this payment? Is it a capital receipt not liable for TDS? If TDS is attracted, under which section and at what rate?
Please advice.
14 May 2009
I am not sure but TDS should not be applicable as the nature of payment does not fall within any heads of TDS.
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