sir,
This is most urgent please suggest we are paing inspection to a foreign company by filling form 15A & 15B, but bankers asking about TDS deduction and it is taking nearly 50000 i.e @ 20% on $ 100 @50/- it is over burden to us in the same we have to some more charges . but deducting TDS and we are not getting back and we can not claim that 50000 . please what is the actual act how to avoid this.
please suggest me we are facing lot of problem.
thanking you
[email protected]
Foreign company advised to obtain PAN in India or file tax return to reclaim 20% TDS on remittances. A user raised an urgent query about foreign remittance, specifically regarding the deduction of Tax Deducted at Source (TDS) on payments to a foreign company. The user expressed concerns about the financial burden of a 20% TDS and the inability to reclaim the deducted amount. In response, it was advised that the foreign company should obtain a Permanent Account Number (PAN) in India and seek an exemption from the Income Tax Department. Alternatively, the foreign company could file a tax return in India to claim a refund of the TDS. (AI Summary)
TaxTMI 
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