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Assessee has taken loan from foreign banks and paid TDS to the government of India. Since they made a interest payment to the bank who is tax resident of Bahrain.Now Bahrain is tax free zone. so is there any scope for getting the tds deposited to indian government getting refunded plus interest also paid to bank which is a tax resident of hong kong...where tax is charged on territorial basis...so my question is since both this bank does not have to pay tax to their respective company so can indian co. claim or has nay chance of benefit of tax credit on tax paid on remittance of such loan or please guide that I may be thinking against any law of our company..so that I follow all legal way to get any benefit, if its possible |
