Deduction U/s 195
This query is : Resolved
24 June 2010
Dear Sir
IF we are remitting / paying fund to foreign party, and if that foreign party dose not have PAN then is this Rule applicable
"As per new provision of tax deduction at source (TDS) under the Income Tax Act 1961 effective from April 1, 2010, TDS at higher of the prescribed rate or 20% will be deducted on all transactions liable to TDS, where the Permanent Account Number (PAN) of the deductee is not available. "
So we have deduct TDS @ 20% or as per DTAA.
IF we are remitting / paying fund to foreign party, and if that foreign party dose not have PAN then is this Rule applicable
"As per new provision of tax deduction at source (TDS) under the Income Tax Act 1961 effective from April 1, 2010, TDS at higher of the prescribed rate or 20% will be deducted on all transactions liable to TDS, where the Permanent Account Number (PAN) of the deductee is not available. "
So we have deduct TDS @ 20% or as per DTAA.
24 June 2010
Deduct TDS at higher of the following rates:
1) Normal Tax Rate or Rate as Per DTAA
2) 20%
1) Normal Tax Rate or Rate as Per DTAA
2) 20%
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