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Tds on foreign remittance

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Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2013 Dear sir ,

we had deducted tds @10.3% i.e 3414 usd as per dtaa on foreingn remittance on 31/05/2012 but still not deposited.

now i want to depsited so please suggest me the exchange rate .

should i take exchange rate on which tax deducted or current rate on which we want to depsit

Ajay Mishra

Ajay Mishra (Expert)

26 October 2013 It will be the @ date of deduction of TDS. You will take exchange rate as on date of deduction.

Nikhil Kaushik

Nikhil Kaushik (Expert)

26 October 2013 the rate applicable shall be prevailing rate as on the date of deduction ie 31/05/2012. That is your crystallized liability. The interest payable thereon too shall be calculated on the same amount.

So if the rate was Rs 50, then TDS is Rs 170700. and interest is to be calculated thereon.

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