Tds deposited under wrong sec
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2013
Dear all,
A Indian company has a ECB from DBS bank. The loan was taken in Feb,2013 and interest on it was paid in May,2013.Certificate of a CA was required for in 15cb. The rate of withholding tax was considered at 10% and certificate issued.But from 1.7.2012 the applicable rate is 5% U/S 194LC. can the CA firm re issue the certificate at the revised rate. I am asking this since for the first time remittance was made u/s 195 and now it has to be corrected to 194LC. is this possible? can this 10 % be adjusted against the next interest payment. I also want to know whether sec 194lc applies to only infrastructure companies or all companies
A Indian company has a ECB from DBS bank. The loan was taken in Feb,2013 and interest on it was paid in May,2013.Certificate of a CA was required for in 15cb. The rate of withholding tax was considered at 10% and certificate issued.But from 1.7.2012 the applicable rate is 5% U/S 194LC. can the CA firm re issue the certificate at the revised rate. I am asking this since for the first time remittance was made u/s 195 and now it has to be corrected to 194LC. is this possible? can this 10 % be adjusted against the next interest payment. I also want to know whether sec 194lc applies to only infrastructure companies or all companies
Rupesh Jain
(Expert)
08 August 2013
CA CERTIFICATE NOT REVISED AND NOT ADJ WITH NEXT PAYMET BUT YOU CAN SENC NEW REMITANCE AFTER 5%
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