Withholding tax amendment extends the applicable deduction-at-source clause to include scheduled banks alongside public sector companies. The amendment inserts the words 'or scheduled bank' after the words 'public sector company' in section 194A(3)(x), thereby bringing scheduled banks within the withholding tax provision applicable to public sector companies under that clause and aligning them with the deduction-at-source framework specified there.
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Withholding tax amendment extends the applicable deduction-at-source clause to include scheduled banks alongside public sector companies.
The amendment inserts the words "or scheduled bank" after the words "public sector company" in section 194A(3)(x), thereby bringing scheduled banks within the withholding tax provision applicable to public sector companies under that clause and aligning them with the deduction-at-source framework specified there.
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