TDS u/s 195 - Usance charges were paid or were payable to a non ...

Case Laws Income Tax

November 4, 2020

TDS u/s 195 - Usance charges were paid or were payable to a non resident supplier - Since in the present case, the assesses imported the raw material for its consumption based on a letter of credit and paid the Usance charges, the beneficiary of such charges is the foreign seller. The issuing bank of the assesses has merely acted as an agent of the assesses. - The Usance charges therefore constitute income of a non-resident as envisaged in the provisions of Section 9(1)(v)(b) read with Section 5(2) of the IT Act. - TDS liability confirmed - HC

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TDS u/s 195 - Usance charges were paid or were payable to a non ...

Case Laws Income Tax

November 4, 2020

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