Withholding tax rate limited to the lower of statutory rate or treaty rate when a qualifying treaty certificate is furnished. The amendment inserts a proviso into sub section (1) of section 196D providing that where a tax treaty under section 90 or 90A applies to the payee and ... Summary
Withholding tax rate limited to the lower of statutory rate or treaty rate when a qualifying treaty certificate is furnished.
The amendment inserts a proviso into sub section (1) of section 196D providing that where a tax treaty under section 90 or 90A applies to the payee and the payee furnishes the certificate under section 90(4) or 90A(4), tax shall be deducted at the lower of the section 196D statutory rate (stated as twenty per cent. in the amendment) or the rate or rates provided in the applicable treaty for that income.
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