One of my client has taken freelance service in relation to app development from a foreign company (Upwork) provide online freelancing service and made a payment of 700 dollars through credit card without deducting TDS
Kindly guide whether tds applicable or not, if yes what steps should be taken.
Also foreign company is liable for equilisation levy.
Menu
Transaction in foreign currency
Replies (2)
Quick Summary
e.f. October 1, 2020, foreign exchange transactions of up to Rs. 7,00,000 in a financial year are free from tax liability. Amount exceeding Rs. 7,00,000 is liable to TCS (Tax collected at Source) in the hands of the individual at 5% and 0.5% in case of education loan transaction.
In my point of view this transaction is not covered by liberalized transaction scheme.....so this 7 lakh limit will not apply on this transaction.
Recent Topics :
- Query on FLAIR return
- Itr 4 problem
- Capital Gains Mismatch Due to Sale Agreement in FY
- REGARDING NRO INVESTMENT IN SHARES OF DOMESTIC COM
- DTAA benefits
- SUPPLEMENTARY AGREEMENT FOR ADDING A PARTER IN TN
- Part availmement of ITC in case of rejection of su
- Due date for itr 5 no audit with loss for fy 25 26
- Capital Gains Mismatch AIS
- Inward E-way bill from Tally Prime 7.1
Related Topics :
CAclubindia
