TDS on contract for overseas transaction

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chinmay (Querist)
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27 January 2010 Dear Sir/Madam,
I have a doubt in making TDS TO OVERSEAS transaction means I transit 1249388 For six months for a Chennai party (our company is based on Karnataka )so my doubt is whether it is necessary to deduct (it is contract. If yeas how much % I can deduct.
Please Give me the answer.

Regards
chinmay hegde

CA Prashant Gupta

CA Prashant Gupta (Expert)
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27 January 2010 query is not clear.
Please tell for which pupose you remit the amount and in which country? Whether party came to India for work? where you remitted the amount direct to foreign or in India?

CA. Pradeep Nayak

CA. Pradeep Nayak (Expert)
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27 January 2010 If your Co. is based in Karnataka & you are remitting the amount to a Chennai party, it is not a overseas transaction. If the payee is an Individual/HUF, TDS rate will be 1% else 2%.

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