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TDS RATE U/S 195

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online (Querist)
30 December 2010 Kindly provide the rate in case of payment to foreign company
PAN is not available with company and payment is more than one crore

Whether rate will be 20% or 20% +SC+ed cess
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
30 December 2010 Rate is 20 % only on account of the following reasons:-

There is no reference of section 206AA in the two sub-sections of section 2 of the Finance Act, 2010 as well as in the First Schedule to the Finance Act.

Education cess is imposed by sub-sections (11) and (12) of section 2 of the Finance Act, 2010. Even in these sub-sections reference of section 206AA is not made. Consequently, the rate of 20 per cent under section 206AA cannot be increased by surcharge and education cess.
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