Guys Please help me out....
I want to know that is TDS applicable for foreign remittance..? If the person isindividual and paying for professional charges and is liable for tax audit..??
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Tds on foreign remittance
Replies (3)
Refer Sec 195of income tax act,1961
the two things you have asked for are unrelated. As Tushar has said, refer to Section 195 for the TDs issue. As far as the tax audit is concerned, it shall depend on the limits set under section 44AB. In case the individual crosses the turnover limits mentioned therein, the tax audit shall be applicable.
Your question is not clear!!!!
TDS on foreign remittances:
1. what type of services this transaction involves.
2. if sec 195 is applicable, then check DTAA with the country you are receiving services from.
Audit u/s 44AB limit for the AY 2012-13
for persons carrying on business- limit is 1 Crore
for persons carrying on profession- limit is 25 lacs.
if limits cross then audit under sec 44 AB
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