TCS on foreign payment against purchase of furniture

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BALAMURUGAN GOPAL (Querist)
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05 March 2024 Hi

I am going to purchase furniture from Dubai for a cost of Rs. 50 lakh. What would be the statutory compliance to which I should adhere? as per the Income Tax Act, Customs Act, and FEMA Act.

Thanks in advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 March 2024 Income tax no compliance required. TCS not applicable.
Customs duty payable on imports.
Check with your bankers for import payment.

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BALAMURUGAN GOPAL

BALAMURUGAN GOPAL (Querist)
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06 May 2024 Thanks for your response sir.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 May 2024 You are welcome...
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