Withholding tax - Page 4

Section 206AA not overrides other provisions of Income Tax Act, 1961

Nagarjuna Fertilizers and Chemicals Limited Vs ACIT (ITAT Hyderabad)

Assessee cannot be held liable to deduct tax at higher of the rates prescribed in section 206AA in case of payments made to non-resident persons having taxable income in India in spite of their failure to furnish the Permanent Account Numbers....

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Budget 2017-Person responsible for paying’ in case of payments covered U/s. 195(6)

The existing provisions of section 204 of Act, has defined the meaning of 'person responsible for paying' to include employer, company or its principal officer or the payer. Further clause (iii) of section 204 of the Act, inter alia, provides that in the case of credit or payment of any sum chargeable under the provisions of this Act...

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S. 40(a)(i) Tax Withholding on ‘Other sum chargeable’ of non residents

F.No.500/39/2015 (US FT & TR-V) (26/10/2016)

For the purpose of making disallowance of other sums chargeable under Section 40(a)(i) of the Income-tax Act, 1961, in the case of non-residents, the appropriate portion of the sum chargeable to tax under the Act, ie, income component therein shall form the basis of such disallowance....

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All about Section 206AA read with Rule 37BC & recent Changes

All about Section 206AA of Income Tax Act, 1961 to be read with Rule 37BC of Income Tax Rules, 1962 alognwith recent changes as applicable from 24th June 2016 after considering the amendment effected by Notification No. 53/2016-Income Tax dated: 24.06.2016. Section-206AA Analysis (1) Notwithstanding anything contained in any other provisi...

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Relaxation from deduction of tax at higher rate U/s. 206AA

Notification No. 53/2016-Income Tax (24/06/2016)

37BC. Relaxation from deduction of tax at higher rate under section 206AA.– (1) In the case of a non-resident, not being a company, or a foreign company and not having PAN the provisions of section 206AA shall not apply in respect of payments in the nature of interest, royalty, fees for technical services and payments on transfer of any...

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Basics of Section 195 of Income Tax Act, 1961

To Whom does Section 195 applies? a) A resident Making Payment to Non-Resident and, b) A Non-Resident making payment to a Non-resident. As per Section 195, it says Any person responsible for paying to non-resident…any person not only includes Resident but also non-resident making payment to a non-resident...

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Form 15CA & 15CB- Things to be kept in mind

The new rules for preparation, filing/ issuing forms 15CA and 15CB are effective from 01st April’2016. With these new rules coming into effect significant changes have come into effect for furnishing forms 15CA & 15CB. Some of the key changes for furnishing form 15CA & 15CB that have come into effect from 01st April’2016 are: ...

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CBDT relaxes conditions for furnishing of Form 15CA & Form 15CB

Notification No. 93/2015 - Income Tax (16/12/2015)

Notification No. 93/2015 - Income Tax G.S.R. 978(E) dated 16th December, 2015 A CA certificate in Form No. 15CB will be required to be furnished only in respect of such payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds Rs. 5 lakh. No Form 15CA and 15CB will be required to be furni...

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Withholding tax Impact on Property transaction by Non-Residents Indian/Foreign Nationals

As per Section 194-IA If property is sold by resident than buyer requires to deduct TDS at 1% on sale Value. Whereas section 195 require deducting TDS on payment to Non-Resident at normal tax rate applies to transaction i.e. 20% in case long term held property and 30%+cess on short term held property....

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Withholding Taxes – Applicable Section, Rules, Rates and Procedures

Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being interest referred to in section 194LB , 194LC or 194LD) or any other sum chargeable under the provisions of this Act (not being income chargeable under the head "Salaries" ) shall, at the time of credit of such incom...

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