APPLICABILITY OF TAX ON DEMURRAGE INCURRED IN INDIA

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leeladhar5 (Querist)
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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?

CA KISHORE VANAMA

CA KISHORE VANAMA (Expert)
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18 May 2010 For Demmurage Charges no Tax is Deductiable

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leeladhar5

leeladhar5 (Querist)
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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.

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