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.
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Transaction in foreign currency
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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.
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