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TDS and Tax Rules in India for Forex

Discussion in 'General Business' started by ifreakz, Oct 15, 2011.

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  1. #1
    Hi,
    I seek some advice from Indian Chartered Accounts Or Indian Businessmen doing foreign business.

    1. How much Tax Is applicable for amounts received by Wire Transfer? I heard it's NIL, there is no service tax or income tax application on it. Can anyone point me the SECTION which states the same?

    2. What sort of TDS is applicable if we are paying a foreign Citizen from India? In India the rule is, If we provide PAN the TDS is 10% else 20%, so Basically do we need to pay 20% TDS if we are paying someone in Nepal or UK or US? What's the rule, since we cannot use PAN Card or Greencard or what so ever for those citizens.

    Please let me know, Thanks.
     
    ifreakz, Oct 15, 2011 IP