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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 provisions of this Act, any […]
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 capital asset, if the deductee furnishes details and documents specified in sub-rule (2) to the deductor.
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 furnished by an individual for remittance which do not requiring RBI approval under its Liberalised Remmittace Scheme (LRS)
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.
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 income to the account of the payee or at the time of payment thereof in cash , cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force.
In this article, author attempts to brief ITAT (Pune) judgement of Serum Institute of India Limited describing the rate of tax deduction on payments made to non-resident recipient who do not have Permanent Account Number (PAN).
AO was not justified in making the addition on the basis of statements given by the third parties before the Sales Tax Department, without conducting any other investigation. In the instant case also, the assessing officer has made the impugned addition on the basis of statements given by the parties before the Sales tax department.
Assessee, a US company, entered into agreements with various customers in India for rendering software services – Assessing Officer held that payments received by assessee from sale of software and provision of maintenance and other support services to customers in India
Next ground of appeal is about disallowance of interest paid by the assessee to HO amounting to Rs.8.57Crores.During the assessment proceedings, AO found that interest of Rs.8,56,15, 525/- was paid by the assessee to HO on subordinate debts and term borrowing.
Interest Income from India- Foreign Remittance- Taxation and Planning. A. Taxation as per Domestic Law: A.1. Definition of Interest- 2(28A) “interest” means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other charge in respect of the moneys borrowed or debt incurred or in respect of any credit facility which has not been utilised ;
