TCS on foreign payment against purchase of furniture
This query is : Resolved
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BALAMURUGAN GOPAL
(Querist)
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.
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
(Expert)
05 March 2024
Income tax no compliance required. TCS not applicable.
Customs duty payable on imports.
Check with your bankers for import payment.
Customs duty payable on imports.
Check with your bankers for import payment.
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BALAMURUGAN GOPAL
(Querist)
06 May 2024
Thanks for your response sir.
CA R SEETHARAMAN
(Expert)
06 May 2024
You are welcome...
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