I have to send money to a Dubai Based company for hiring a premises on rent.
bank is asking particular purpose code.
I have the list of RBI.. but still I'm not able to fetch the same.
can u please help. Will be highly obliged.
11 Replies
sabyasachi mukherjee
(27574 Points)
Replied 06 January 2024
Pls upload the details. get hold of the beneficiary details.
RUDRA
(Income & Corporate Tax Lawyer)
(383 Points)
Replied 06 January 2024
What type of details.
We have a invoice.. we want to pay regarding the same.
Bank is asking the Purpose code.
So I wanna whats the exact purpose code to take a premises on rent in Dubai Damac.
We have a invoice.. we want to pay regarding the same.
Bank is asking the Purpose code.
So I wanna whats the exact purpose code to take a premises on rent in Dubai Damac.
Sharath chandra
(Accountant)
(1227 Points)
Replied 08 January 2024
Why are you sending it to them? are you giving it as a loan to them or is it your constant and you are paying rent?
Sharath chandra
(Accountant)
(1227 Points)
Replied 08 January 2024
... is it your company* and you are paying rent?
RUDRA
(Income & Corporate Tax Lawyer)
(383 Points)
Replied 08 January 2024
If you really know.. about 195 IT thn suggest.. otherwise please
Sharath chandra
(Accountant)
(1227 Points)
Replied 08 January 2024
195 is the tds on foreign payment. but there are certain purpose codes provided by RBI and it is our duty to select them properly.
there is no rental expense mentioned in the RBI purpose codes. hence, wanting to know the exact nature of transaction.
there is no rental expense mentioned in the RBI purpose codes. hence, wanting to know the exact nature of transaction.
RUDRA
(Income & Corporate Tax Lawyer)
(383 Points)
Replied 08 January 2024
Yeah.. I have to file 15 CA CB.
And I also have to provide purpose code to bank.
Now.. nature of payment as Told.. I Had taken premises there in Dubai... and I have to pay rent on mothly basis.
This money is monthly rent for Dec period... from my company account.
And I also have to provide purpose code to bank.
Now.. nature of payment as Told.. I Had taken premises there in Dubai... and I have to pay rent on mothly basis.
This money is monthly rent for Dec period... from my company account.
Sharath chandra
(Accountant)
(1227 Points)
Replied 10 January 2024
Please update once you find a solution to this
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