We are paying Interest in foreign currency to Foreign Bank which has PE in India. (eg. Citibank, ABN Amro Bank etc.) Pl inform weather TDS is applicable u/s195 whicy making payment to the said bank.
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Tds u/s 195 to foreign bank
Replies (3)
Yes , such payments are covered under section 195.
Anuj
femaquery @ gmail.com
@ Deepak : Is the interest paid to the PE of the foreign bank in India or to the Foreign Bank directly. Only if it is paid to the foreugn bank directly will Sec. 195 be attracted.
sec. 195 is applicable to any non-resident.
Branch of Foreign bank is a non-resident as per Indian Income Tax Act,hence any payment to branch of foreign bank is deductable under section 195.
Anuj
femaquery @ gmail.com
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