Import of machinery
This query is : Resolved
24 April 2017
Sir,
A pvt Ltd. co. has imported a machinery from Singapore.The Singapore Co. is not having permanent establishment in India but the imported machinery can be acquired from the custom port in India.
My question is whether such remittance to the foreign country is taxable in India as per Section 9 of the Income Tax Act and if yes, any TDS is deductible or not in India.
A pvt Ltd. co. has imported a machinery from Singapore.The Singapore Co. is not having permanent establishment in India but the imported machinery can be acquired from the custom port in India.
My question is whether such remittance to the foreign country is taxable in India as per Section 9 of the Income Tax Act and if yes, any TDS is deductible or not in India.
CA Shubhanshu Jain
(Expert)
24 April 2017
No, TDS is not required to be deducted.
TDS is deducted when we avail services whether from India/out of India, TDS is not to be deducted on purchase of machinery/goods/material and in your case machinery is imported and same will become part of fixed asset, hence TDS is not required to be deducted
TDS is deducted when we avail services whether from India/out of India, TDS is not to be deducted on purchase of machinery/goods/material and in your case machinery is imported and same will become part of fixed asset, hence TDS is not required to be deducted
24 April 2017
Please tell me whether foreign remittance on purchase of machinery is taxable in India ??
CA Shubhanshu Jain
(Expert)
24 April 2017
No, because that co. don't have any permanent establishment in india
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