Tds under section 195
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 April 2013
one company has purchased goods from one foreign party and made payment in US DOllor terms but has not taken certificate under form 15CA and 15CB.
whether this expenditure is disallowed ?
What is the consequence when Form 15 CA and 15 CB is not taken from chartered accountant
whether this expenditure is disallowed ?
What is the consequence when Form 15 CA and 15 CB is not taken from chartered accountant
18 April 2013
No, it can be disallowed only if there was any income of foreign party taxable in India on such sale.
15CA and CB are normally not insisted by banks for purchase of goods.
Anuj
15CA and CB are normally not insisted by banks for purchase of goods.
Anuj
18 April 2013
expense will not be disallowed.
15CA and 15CB is normally for TDS.
you told that this is purchase of goods then there is no tds applicable
15CA and 15CB is normally for TDS.
you told that this is purchase of goods then there is no tds applicable
18 April 2013
There is normally no TDS on purchase of goods , but it shall become applicable if the foreign company selling goods in India has PE in India.
Although banks do not insist but legally , in my view, the Indan Company remitting money to foreign company for purchase of goods , should file Form 15CA and obtain Form 15 CB.
Anuj
femaquery@gmail.com
Although banks do not insist but legally , in my view, the Indan Company remitting money to foreign company for purchase of goods , should file Form 15CA and obtain Form 15 CB.
Anuj
femaquery@gmail.com
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