TDS Applicable on Inward remittance
This query is : Resolved
BHAGWAT SAHU
(Querist)
29 December 2009
Dear team,
We have received commission from XYZ co. Singapore towards Direct sales xyz co. to Indian Comopany.
They have not dedcuted any TDS. We have received full commission by foreign inward Remitance.
I have 2 queries for the above transaction:
1) Is we are liable to pay TDS on inward Income. If yes As a loss making copmany we can take exemtion of TDS.
2) Under the FEMA what is the procedure for such foreign remittance and the time period of document to be submitted.
Thanks in Advance.
Regards,
B Sahu
We have received commission from XYZ co. Singapore towards Direct sales xyz co. to Indian Comopany.
They have not dedcuted any TDS. We have received full commission by foreign inward Remitance.
I have 2 queries for the above transaction:
1) Is we are liable to pay TDS on inward Income. If yes As a loss making copmany we can take exemtion of TDS.
2) Under the FEMA what is the procedure for such foreign remittance and the time period of document to be submitted.
Thanks in Advance.
Regards,
B Sahu
29 December 2009
for inward remittance, you will get the Foreign Inward Remittance Certificate (FIRC) from the bank.
You are not liable for TDS as you are collecting the payment and not making it.
You are not liable for TDS as you are collecting the payment and not making it.
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