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subscription charges paid to foreign firm, whether TDS is
applicable or not? Because amount is huge
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Answer / amol
Yes . Deductible u/s 195 of Income Tax Act,India ,1961.
| Is This Answer Correct ? | 8 Yes | 0 No |
Answer / h.r. sreepada bhagi
Refer Section 195 of the Income Tax Act, 1961 (India). Bank
may require Chartered Accountants Certificate for remittance
& hence take from your Statutory Auditor or any Chartered
Accountant familiar with it.
| Is This Answer Correct ? | 2 Yes | 6 No |
What will be the rate of TDS on contractor if the amount paid in a year crosses Rs.75000/-
Beginning Balance, Dec. 31, 20xx Creditable Income Tax 211,829.00 Income Tax Payable (132,808.00) > Balance 79,021.00 ITR (1st Quarter) - Jan. 31, 2016 - Mar. 31, 20xx Normal Tax (30% of Taxable Income) 2,205.02 MCIT (2% of Gross Income) 7,865.71 Aggregate Income Tax Due (Normal Tax vs. MCIT whichever is hihger) 7,865.71 Less: Tax Credits/Payments Prior Years Excess Credits 79,021.00 Creditable Tax Withheld - 79,021.00 Tax Payable, per return (71,155.29) What should be the entry in my book to record the above transactions? Thank you!
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3 Answers Accenture, CBL, Ernst Young, GNCC,
Audit 
