Please Help: Foreign remittance
Posted Date : 09-Jun-2011 , 04:19:24 am | Posted By Shalu Jain
My query is : If some company has failed to deduct TDS @ 20% on foreign remittance and payment has been released to the client without deducting TDS in the financial year 2010-2011. Now the company has notice non deduction of tax in the next financial year.
Now I just want to clarify
• Is there any provision under DTAA that tax can be deposited now with interest for the remittance made in the month of March, 2011.
• If yes, then should the TDS amount be adjusted against any Form 15CB will be issued in the current financial year.
• What would be the rate of TDS to be mentioned in Form 15CB if TDS will be adjusted in Form 15CB will be issued in the current financial year.
Now I just want to clarify
• Is there any provision under DTAA that tax can be deposited now with interest for the remittance made in the month of March, 2011.
• If yes, then should the TDS amount be adjusted against any Form 15CB will be issued in the current financial year.
• What would be the rate of TDS to be mentioned in Form 15CB if TDS will be adjusted in Form 15CB will be issued in the current financial year.
Category : Income Tax | Answers : 3 | Comments : 1 | Hits : 897
Answers
Answer By: CA VIKAS JAIN
In my understanding, DTAA are country specif. However the payer must deposit the amount of tds along with interest if specif exemption provision is not existed in the agreement with that country and in that case the payee can get the tax credit relief.
Answer By: Vikash Kumar Jha
Agree with vikas jain
Answer By: Vikash Kumar Jha
Agree with vikas jain
Comments
CA VIKAS JAIN
12-Jun-2011 , 04:18:16 amPls clarify the form 15CB, I am unable to find out this form.