Harismohan (Accountant) (177 Points)
03 June 2011
Dear Sirs,
Please clarify anyone-
Ours is a public Ltd company .We have availed Buyers credit loan with usance perid of
90 days for Import bills from citibank, manama, Bahrain.
We will honour the Buyers credit loan on the due date ie. 90 th day alongwith
interest.
My Question is
1. What percentage of TDS to be deducted?
2.Whether 20 % to be deducted because of bank is foreign bank and not having PAN
3. Whether 15CB to be submitted
Please clarify the . It is urgent
With Best Regards
S.Mohan
valji
(Accounts manager-MBA)
(2150 Points)
Replied 03 June 2011
tds are not applicable to payment of the bank
Prasad
(Sr. Manager)
(617 Points)
Replied 03 June 2011
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7014 Points)
Replied 03 June 2011
TDS rate shall be 20% plus cess i.e 20.6% under sec 115A. Also if the foreign party has PAN(Citibank must be having a PAN) then any benifit available under India -USA DTAA can be availed.
Form 15Cb shall needed to be submitted.
Anuj
0-9810106211
Gurpreet Singh
(Assistant)
(35 Points)
Replied 04 February 2012
we have pvt ltd co, we have availed buyer credit from city bank for LC payment, we paid interest and due amt on due date to city bank by purchasing $ , there is need to deduct TDS on Interest , if yes under which Section , and city bank is a forein Bank , rate of TDS applicable
CAclubindia
