My company has taken a loan from bank in foreign currency. Now we want to remit the first EMI including Interest part. So, please let me know the rate of TDS and under which section of the income tax this expenses is covered. Also please let me know DTAA rate as we are remitting the amount to USA. does surcharge applicable if payment is less than 1 Crore in a Financial Year.
27 October 2016
Yup, its my mistake, I skip the part to where the currency being remitted. Yup TDS is applicable on the transaction. U may visit the following link(forum page where conversation between our experts are mentioned), to get answers of all ur issues:-
27 October 2016
Also please let me know under which section the expense shall be covered. Actually Payment made under section 195 but while filing 27Q under which section the expenses should be covered.
28 October 2016
As per India US DTAA rate is 10% (Article 11), subject to availability of No PE, POEM & TRC "10 per cent of the gross amount of the interest if such interest is paid on a loan granted by a bank carrying on a bona fide banking business or by a similar financial institution "
Relevant Income Tax Section 115A Please provide additional details about loan to confirm
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