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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2012 amends section 195 for tax deduction on non-resident payments excluding sections 194LB 194LC</h1> The Finance Act, 2012 amends section 195 of the Income-tax Act regarding tax deduction at source on payments to non-residents. The amendment excludes interest covered under sections 194LB and 194LC from the general interest provision. A new Explanation 2 clarifies that deduction obligations apply to all persons making payments to non-residents, regardless of the non-resident's presence or business connection in India, effective retrospectively from April 1, 1962. Additionally, a new sub-section (7) empowers the Board to specify cases where applicants must seek determination of appropriate taxable proportions before deduction, effective July 1, 2012.
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