APPLICABILITY OF TAX ON DEMURRAGE INCURRED IN INDIA
This query is : Open
18 May 2010
WE HAVE EXPORTED PETROLEUM PRODUCTS OUT OF INDIA, THROUGH MARINE TANKERS WHEREIN WHICH TIME CONSUMED FOR MORE THAN ALLOWD TIME OF 36 HOURS LEADS TO INCURRING OF DEMURRAGE. DEMURRAGE WILL BE PAID TO BUYER WHO IN TURN PAYS THE SAME TO THE TRANSPORTER.
PLEASE ADVISE ME ABOUT THE TAXABILITY OF THE SAME. IS PAN REQUIRED TO BE TAKEN BY BUYER?
PLEASE ADVISE ME ABOUT THE TAXABILITY OF THE SAME. IS PAN REQUIRED TO BE TAKEN BY BUYER?
18 May 2010
For Demmurage Charges no Tax is Deductiable
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18 May 2010
Dear Sir,
Thanks a lot for your reply, can you substantiate me with some tax provisions. Since I need to support my view with a documentary evidence to my Chartered Accountant to obtain FORM 15CB.
Thanks a lot for your reply, can you substantiate me with some tax provisions. Since I need to support my view with a documentary evidence to my Chartered Accountant to obtain FORM 15CB.
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