Tds on purchase of foreign currency
This query is : Resolved
Anand Subramaniam
(Querist)
03 August 2017
Whether TDS is applicable on purchase of foreign currency. If not then why not. Some one argued that since tax invoice under GST shows taxale supply of foreign currency which is covered under foreign exchange services, the same will be regarded as service under U/s 194J of IT Act. Though I do not support this logic please help for this query with proper clarification. Thanks in advance.
CA R SEETHARAMAN
(Expert)
04 August 2017
It's only buying and selling of foreign currency (currency trading) for which TDS not applicable. Not a professional service.
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