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of <h1>Rule 29B: Apply for Tax Deduction Certificate under Section 195(1) with Form 15C/15D for Interest Payments.</h1> Rule 29B of the Income Tax Rules, 1962, allows individuals or entities to apply for a certificate to receive interest or other sums without tax deduction under section 195(1). Eligible applicants include banking companies or insurers operating in India through branches and other entities conducting business or professions in India. To qualify, applicants must have a history of regular income tax assessments, no tax defaults, and, if not a banking company or insurer, a continuous business presence in India for at least five years with fixed assets exceeding fifty lakh rupees. Applications are made using Form No. 15C or 15D, and the certificate's validity is for the specified financial year unless canceled earlier.
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