N Gour (Director) 16 July 2011
I went thru online resources that say Form 15CA is to be filed online for any Foregin Payments. I hav not been able to confirm if I need to deduct and pay any taxes on import of any machinery. Secondly, what to do if I havnt done this from the time the bill was introduced, my banker never asked for this ??? Also confirm if I am going to participate in an exhibition in US, payment is to be made to the organisers there, the tax slab will be same as applicable in India ? Pls suggest
Anuj Gupta (Dealing with FEMA/FDI FCRA TP & Int.Tax) 19 July 2011
Although the banks are not aware of asking for Form 15CA for import payments, yet as per law they should be submitted online and sent to ITO TDS of your ward. Also NO PE certificate from foreign vendor needs to be obtained.
For previous transactions, nothing can be done but for future tarnsactions care can be taken.
Normally TDS is not required to be deducted for exhibition expenses outside india.
Anuj
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