TCS on foreign payment against purchase of furniture

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This discussion addresses the statutory compliance required when purchasing furniture from Dubai for Rs. 50 lakh. The advice clarifies that no Income Tax or TCS compliance is needed for this transaction. However, customs duty will be payable on the import, and it's recommended to consult with your bank regarding the import payment process.

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(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.
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CA R SEETHARAMAN

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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.
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BALAMURUGAN GOPAL

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

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