Rate of tds

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arti (Querist)
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20 March 2012 We are going to make repayment of buyer credit to bank in singapore. This repayment include the interest portion alos. Which rate of interest is applicatble for dedcution of tax at source? please guild on the tax consequnces arising out of such transaction.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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20 March 2012 U HAVE NOT SHARED DETAILS AS TO CIRCUMSTANCES UNDER WHICH AND PURPOSE FOR WHICH MONEY WAS BORROWED. IN CERTAIN CASES INTT PAYABLE OUTSIDE INDIA IS NOT TAXABLE IN INDIA.
IF MONEY IS BORRIWED IN FOREIGN CURRENCY THEN RATE OF TDS IS 20.6/21.012 DEPENDING UPON AMT OF INTT
OTHERWISE RATE OF TDS IS 41.2/42.024 DEPENDING UPON AMT OF INTT
CA MANOJ GUPTA
JODHPUR
09828510543

arti

arti (Querist)
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20 March 2012 Thanks a lot for your reply.
We have a taken loan in foreign currency of USD 3.41 lacs which we suppose to remit with interest. Total remitence is USD 3.45 lacs which includes interest also. I am of the view that rate of TDS as per DTAA with singapore is 10%. But according to you the same is 20.06/21.012. please give the referece from where I can check the correct rate of TDS.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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20 March 2012 i forgot to take into account DTAA effect
Rate of TDS will be 10 percent plus applicable cess and SC

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