1154. Discontinuance of requirement of sending quarterly statements in case of payments by foreign companies and law firms to residents in India
1. Attention is invited to Board’s Circular No. 726 dated 18-10-95 (F. No. 133/80/95-TPL) wherein, inter alia, it was stated that the foreign companies and the foreign law and accountancy firms that have no presence in India should send a quarterly statement to the Deputy Secretary, Foreign Tax Division, CBDT regarding the payments made to the Indian residents for professional service.
2. The Board has since reconsidered the matter. As the details of payments made to the Indian residents can easily be verified or collected wherever required, it has been decided to discontinue with immediate effect the requirement of sending the above quarterly statements.
Circular : No. 766, dated 24-4-1998.