Section 195
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 June 2012
i am a partner in a firm.i have taken a loan from a non resident person and credited the same to my capital account.i am not claiming interest as expense in firm's p&L. My question is whether i should deduct TDS u/s 195?
CA. Anuj Gupta
(Expert)
09 June 2012
Sec. 195 doesn't say anything about claimibility of expenditure as a prerequisite for deduction of TDS.
Unlike other sections which get activated only when the expenses are booked , and there is a limit below which TDS is not required to be deducted , there is no such limit or condition of expenses booking in sec 195.
If any income is being paid to Non-resident then the TDS liability shall be there.
Also under FEMA ,loan in foreign currency can be only received from close relatives.
Anuj
femaquery@gmail.com
Unlike other sections which get activated only when the expenses are booked , and there is a limit below which TDS is not required to be deducted , there is no such limit or condition of expenses booking in sec 195.
If any income is being paid to Non-resident then the TDS liability shall be there.
Also under FEMA ,loan in foreign currency can be only received from close relatives.
Anuj
femaquery@gmail.com
Ca Anand Dubey
(Expert)
09 June 2012
yes, agreed
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