Circular no 7/2012. dtd 21.9.12- sec194lc vs 194a
This query is : Resolved
23 September 2012
Dear friends.You may aware of the circular issued on 21.09.2012 which slashes the TDS rate from 20% to 5% on the Interest Income on Non Resident. Now U/S 195LC of IT act 1961, TDS should deduct @ 5% on the interest Payment to Non Resident on 1. Money Borrowed under Loan Agreement or 2. Long Term Infrastructure Bond.
My company has deducted TDS @10% on the interest on Buyer's Credit u/s 194A.
My question is whether the circular will have any effect on the TDS on the Interest on Buyer's credit in future.
My company has deducted TDS @10% on the interest on Buyer's Credit u/s 194A.
My question is whether the circular will have any effect on the TDS on the Interest on Buyer's credit in future.
26 October 2012
If buyers credit has any agreement in writing for charging interest then the revised rates can be applied before remittance of interest
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Relief u/s Section 89
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
