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Applicability of TDS on purchase of perpetual movie rights
We have to purchase movie rights on perpetual basis, just want to know whether TDS required to be deducted on this transaction or it is not required considering as purchase ??
Replies (2)
TDS will now be applicable to royalty and payments made for transferring of film distribution rights.
This comes following a recent amendment in the Income Tax Act and the applicable TDS rate is 5%.
This comes following a recent amendment in the Income Tax Act and the applicable TDS rate is 5%.
Yes, TDS is required to be deducted over this transaction under section 194J at the rate of 5% as it is also falls under the ambit of section 194J as per latest amendment made under this section. So, accordingly TDS @ 5% shall be deducted and paid to the government by 7th day of next month.
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