Hii Members,
My client provides digital marketing service ans takes some services from foreign company and pays for it by credit card.How will be the applicability of TDS in this and TCS is to be applicable from 1st July 2023 on foreign payment then how will be its scenario.
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TDS and TCS on foreign payments
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Summary Checklist for Your Client
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Identify the Nature of Service: Determine if it is a professional/technical service or simple advertising.
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Check DTAA: Check if a tax treaty exists between India and the vendor's country to potentially lower the TDS rate.
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Collect Documentation: Always obtain an invoice, contract, and the necessary tax documentation (TRC, Form 10F, No-PE declaration) from the foreign service provider.
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Compliance Filing: Ensure you file Form 15CA/15CB through your bank portal before remitting funds.
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TCS Avoidance: If your bank incorrectly triggers TCS on a business remittance, provide them with proof of your TDS deduction to claim exemption.
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