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.
Menu
TDS and TCS on foreign payments
Replies (1)
Summary Checklist for Your Client
-
Identify the Nature of Service: Determine if it is a professional/technical service or simple advertising.
-
Check DTAA: Check if a tax treaty exists between India and the vendor's country to potentially lower the TDS rate.
-
Collect Documentation: Always obtain an invoice, contract, and the necessary tax documentation (TRC, Form 10F, No-PE declaration) from the foreign service provider.
-
Compliance Filing: Ensure you file Form 15CA/15CB through your bank portal before remitting funds.
-
TCS Avoidance: If your bank incorrectly triggers TCS on a business remittance, provide them with proof of your TDS deduction to claim exemption.
Recent Topic
- Dividend Reporting
- Real operational bottlenecks after firms use Tally
- Purchase return under gst
- Long Term Capital Loss - cannot be carried forward
- Cross-utilization of ITC between Trading and Resta
- Form 121 eligibility for non deduction of TDS for
- Gold/silver etf. STCG. how to decalre in ITR at s
- ITR-2 : cash income that does not fall under any h
- Debit note issued to supplier
- Ca pratik takkar imp list
Related Topics
CAclubindia
