Earning in USD & expending in USD ( exp less than 10 % of income yearly )
This query is : Resolved
05 April 2021
Dear Sir/Madam,
Being a company am earning in USD & expending in USD (for business promotion) more than INR 80 lakh (1,10,000 USD ) through different payment gateway to different party in year.
Is my expending in USD to abroad attract to income tax or TDS or any other taxes ?
Thank you very much !
Regards,
Krishna
Being a company am earning in USD & expending in USD (for business promotion) more than INR 80 lakh (1,10,000 USD ) through different payment gateway to different party in year.
Is my expending in USD to abroad attract to income tax or TDS or any other taxes ?
Thank you very much !
Regards,
Krishna
Nikhil Kaushik
(Expert)
06 April 2021
there is no general answer to this. It will differ from expense to expense.
The income earned will be taxable (net of expenses). For payments made, you will have to check whether section 195 was applicable on the same or not.
The income earned will be taxable (net of expenses). For payments made, you will have to check whether section 195 was applicable on the same or not.
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