Transaction in foreign currency
purva jain (60 Points)
30 September 2021Kindly guide whether tds applicable or not, if yes what steps should be taken.
Also foreign company is liable for equilisation levy.
purva jain (60 Points)
30 September 2021
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3710 Points)
Replied 30 September 2021
e.f. October 1, 2020, foreign exchange transactions of up to Rs. 7,00,000 in a financial year are free from tax liability. Amount exceeding Rs. 7,00,000 is liable to TCS (Tax collected at Source) in the hands of the individual at 5% and 0.5% in case of education loan transaction.
purva jain
(60 Points)
Replied 30 September 2021
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)