should TDS be deducted on the payment for consultancy services taken from outside india??
CA Paras jain (Audit Senior Assistant) (1544 Points)
24 January 2011should TDS be deducted on the payment for consultancy services taken from outside india??
Madhusudan Kabra
(knowledge seeker)
(1779 Points)
Replied 24 January 2011
TDS should be deducted unless otherwise declaration in Form 15C/CA is taken.
Regards
Kabra
CA Paras jain
(Audit Senior Assistant)
(1544 Points)
Replied 24 January 2011
can you mention as per which section TDS should be deducted?
Sarita
(Article)
(154 Points)
Replied 24 January 2011
TDS should be deducted under the Sec.195 of the Income Tax Act.
For the clearance of foreign remittance u/s.195 we have take a Form 15CB certificate from CA.
Under that cert. all details regarding TDS and DTAA is mentioed + 15 CA certi.(from nsdl site - download) is also required.If the PAN no. is not available then double tax will be charged.i.e.20.00%
CA Paras jain
(Audit Senior Assistant)
(1544 Points)
Replied 24 January 2011
if audit is conducted for the first time for the individual who is making payment for the consultancy service then is there any chances of rebate from TDS to him?
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 25 January 2011
| Originally posted by : Paras jain | ||
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if audit is conducted for the first time for the individual who is making payment for the consultancy service then is there any chances of rebate from TDS to him? |
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if audit has been done 1st time, then he will be liable to deduct TDS from the next year only, not in the year of audit.
Vikash
(Artical)
(39 Points)
Replied 25 January 2011
Yes TDS Should be deducted on Consultancy paid out side india @ 10%+2.5% surcharge +3%Education cess under section 195 of the income tax act 1961.
Vasanth
(Chartered Accountant)
(168 Points)
Replied 25 January 2011
THANKS EVERYONE ..This is new information for me
CA Paras jain
(Audit Senior Assistant)
(1544 Points)
Replied 25 January 2011
CAclubindia
