19 August 2011
HI SIR, a co takes a loan from icici BANK -THA BAHAMAS(foreign branch of icicc bank) thru icicibank-Mumbai branch..co have a/c with Mumbai branch,agreement of loan clearly provides that principal & interest for the loan is to be paid to BAHAMAS thru Mumbai branch.our co has deducted tds on interest & now co wants pan no of that branch but Mumbai branch manager is saying that issue tds certificate on the name of icicc bank-Mumbai only.India has DTAA with the Bahamas.
so what to do?my senior have opinion of deducting tds at higher rates for not providing pan no.
19 August 2011
S ANY PROVISION IS THERE?CO IS PAYING INTEREST TO FOREIGN BRANCH THROUGH MUMBAI BRANCH,MUMBAI BRANCH CONVERT RUPEES INTO DOLLARS AND PAY TO THAT BRANCH.IF WE ISSUE TDS CERTIFICATE TO LOCAL BRANCH IT WILL BE ITS INCOME(CREDIT OF TAX PAID).