03 November 2011
My Client is a Private Limited Company. They have imported machineries from Japan. They have been provided Techniqual Services by the Japanes Company. It is arise a TDS liability of my Client u/s 195.
Japanes Company is a Non-Resident, hence it has no PAN.
Can Any one please explain me about the procedure of TDS payment?
03 November 2011
These are technical services and I believe agreement is after 1-6-05. So rate of TDS must be 10% + EC + SHEC. and if payment is more than 1 crore than SC will be also added.
04 November 2011
Thank sirs. I have one more doubt After deductin g TDS, Whether i have to file TDS return in Form 27Q. If Yes, Whether i have to mention any detail regarding PAN in form 27Q
04 November 2011
i further go through the income tax act, I found that The following categories of persons are not required to obtain or quote PAN : a) Persons having only agricultural income and who do not have any taxable income . Such persons will file a declaration (Form 61) in respect of transactions where quoting of PAN is mandatory ; b) Non-residents ; c) Central Government, State Governments and Consular Offices in transactions in which they are the payers.
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