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Q. > Please Help: Foreign remittance
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.
answered Jun 12, 2011 by CA VIKAS JAIN , DELHI
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.
answered May 19, 2013 by Vikash Kumar Jha , Cuttack
Agree with vikas jain
answered May 19, 2013 by Vikash Kumar Jha , Cuttack
Agree with vikas jain
Experts Panelist
Comments
CA VIKAS JAIN
12-Jun-2011 , 04:18:16 amPls clarify the form 15CB, I am unable to find out this form.