Form 15cb
This query is : Resolved
NIKHIL JAIN
(Querist)
27 March 2016
ONE OF MY CLIENT IS REMITTING AUSTRALIAN DOLLARS 9000 AUD TO HIS OWN ACCOUNT IN AUSTRALIAN AND THEN HE WILL PAY THE LOAN FROM THAT ACCOUNT IN AUSTRALIA FOR REPAYMENT OF LOAN TAKEN IN AUSTRALIA. DO I NEED TO ISSUE FORM 15CB AND REQUIRE TO DEDUCT TDS ON REMITTANCE AND GROSS UP THE AMOUNT.
CA. B.SRINIVASULU
(Expert)
27 March 2016
15cb has to be issued and tds need not be deducted provided the loan is from a bank. If loan is from other than banks then on interest portion tds has to be deducted.
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