Our is a foreign company which has recently started its operation in Singapore. The company has provided consultancy and received the fee from Indian clients after TDS @ 10 %. Now we want TDS refund of our company. How can we claim it? Will income on which TDS has been deducted be taxable in India and we have to file profit and loss A/c and balance sheet as well with ITR or we can claim 100 % refund of TDS deducted in any other manner?
Income Tax will be charged on the income generated in India or service provide by any company who is of Indian origin.
For refund of TDS you need file Income tax return, if your tax liability is less than the TDS deducted then refund will be processed.
The question of tds refund is subject to file an income tax return and the liability of tax should be bellowing your tds remitted amount.