Tax payable on purchase of Oracle License or Software
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 January 2010
Dear sir,
Kindly let me know if Indian company is going to purchase or purchasing Oracle License or Software in bundle package from company outside India and while paying /settling cost of software to overseas company located in Dubai UAE will attract any TDS while remitting payment out of India. Pls, give with section ref to support this explanation
Thanks/Nandkumar
Kindly let me know if Indian company is going to purchase or purchasing Oracle License or Software in bundle package from company outside India and while paying /settling cost of software to overseas company located in Dubai UAE will attract any TDS while remitting payment out of India. Pls, give with section ref to support this explanation
Thanks/Nandkumar
Manish V. Khatri
(Expert)
07 January 2010
Yes it will liable for TDS for that you can refer section 115A of the Income-tax Act, 1961 and it will liable at the rate of 30% u/s 115A(B) of the Act.
While remitting the consideration/money you have to take Foreign Remittance Certificate from the Chartered Accountant (Form No. 15CB) and same is to be informed to Income-tax Act, 1961 in Form No. 15CA (which is available to www.tin-nsdl.com website)
While remitting the consideration/money you have to take Foreign Remittance Certificate from the Chartered Accountant (Form No. 15CB) and same is to be informed to Income-tax Act, 1961 in Form No. 15CA (which is available to www.tin-nsdl.com website)
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