Rajeev Agarwal (Chartered Accountant) (49 Points)
13 January 2011ONE OF MY CLIENT HAS TAKEN BUYERS CREDIT IN FOREIGN CURRENCY FROM BANK OF NEWYORK LOCATED IN SINGAPORE THROUGH HIS INDIAN BANK, MY QUESTION IS THAT FOREIGN BANK IS NOT HAVING PAN NO. WHETHER WITHHOLDING TAX HAS TO BE DUCTED IN THE SHAPE OF TDS UNDER WHICH SECTION, WHAT WILL BE RATE OF TDS, IF NO PAN THEN WHAT AND WHETHER THIS INFORMATION HAS TO BE INCORPORATED IN TDS RETURN, PLEASE ADVISE. - ITS URGENT. FOREIGN BANK DO NOT HAVE ANY ESTABLISHMENT IN INDIA
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 13 January 2011
its part of indian bank to deduct or not, as the money is transacted through indian bank , u dont have to deduct TDS
Rajeev Agarwal
(Chartered Accountant)
(49 Points)
Replied 13 January 2011
but payment are made in US$ FOR THIS BANK TAKE THE FORM 15CA & 15CB
Gajanand
(PHP Developer)
(41 Points)
Replied 13 January 2011
ONE OF MY CLIENT HAS TAKEN BUYERS CREDIT IN FOREIGN CURRENCY FROM BANK OF NEWYORK LOCATED IN SINGAPORE THROUGH HIS INDIAN BANK, MY QUESTION IS THAT FOREIGN BANK IS NOT HAVING PAN NO. WHETHER WITHHOLDING TAX HAS TO BE DUCTED IN THE SHAPE OF TDS UNDER WHICH SECTION, WHAT WILL BE RATE OF TDS, IF NO PAN THEN WHAT AND WHETHER THIS INFORMATION HAS TO BE INCORPORATED IN TDS RETURN, PLEASE ADVISE. - ITS URGENT. FOREIGN BANK DO NOT HAVE ANY ESTABLISHMENT IN INDIA
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 13 January 2011
depends the payment is made by whom............ if its getting paid by you directly then TDS aplicable, if by direct debit of your Bank account in india, then your banker is liable to deduct TDS or get documents under DTTA.
for more clarifications please approach your forex manager of your bank branch, who will explain the fine terms of credit. as they are liason between you and foreign bank, and done documentation on your behalf.
yes in case of NO PAN, 20% + EC+SHEC is applicable.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 14 January 2011
Arvindraj shahjee
(Practicing CA)
(25 Points)
Replied 07 June 2012
Even i have the same issue. One of my client hv to make payment for buyers credit arranged by his Indian bank with the foriegn banker. Now i hav to certify with form 15 CB for the amount of import payment with the amount of interest on buyers credit to the foreign banker in foreign currency. Whether TDS has to be deducted on the amount of interest paid to the foreign banker by the indian banker from the account of the client.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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