Tds u/s195 to foreign bank

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Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2013 We are paying Interest in foreing currency to Foreign Bank which has PE in India. Pl inform, weather TDS u/s 195 is applicable or not. (eg. Citibank, ABN Amro Bank etc.)

VISHRUT

VISHRUT (Expert)
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29 April 2013 Any payment made in foreign currency for the interest income shall be subjected to tax in the source country only.

Here the payment made for the interest amount for the loan utilised in India than only it will be subject to tax in
India as per the definition of Section 9 of Income Tax Act,1961.

So TDS has to be deducted irrespective of PE on the basis of source base taxation.

VISHRUT

VISHRUT (Expert)
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