Guys Please help me out....
I want to know that is TDS applicable for foreign remittance..? If the person isindividual and paying for professional charges and is liable for tax audit..??
3 Replies
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 10 January 2013
Refer Sec 195of income tax act,1961
Nikhil Kaushik
(Fellow CA)
(85743 Points)
Replied 12 January 2013
the two things you have asked for are unrelated. As Tushar has said, refer to Section 195 for the TDs issue. As far as the tax audit is concerned, it shall depend on the limits set under section 44AB. In case the individual crosses the turnover limits mentioned therein, the tax audit shall be applicable.
kavitha
(studying final)
(830 Points)
Replied 12 January 2013
Your question is not clear!!!!
TDS on foreign remittances:
1. what type of services this transaction involves.
2. if sec 195 is applicable, then check DTAA with the country you are receiving services from.
Audit u/s 44AB limit for the AY 2012-13
for persons carrying on business- limit is 1 Crore
for persons carrying on profession- limit is 25 lacs.
if limits cross then audit under sec 44 AB
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