Withholding tax rates for income from securities revised, and faceless assessment verification units may be assigned across centres. The amendment prescribes differentiated withholding tax treatment for income from securities: income-tax on securities included in total income is to be calculated at distinct rates for Foreign Institutional Investors and for specified funds, with a lower rate for income characterised as interest under the withholding provision. It also permits the verification unit function under the faceless assessment scheme to be performed by verification units located in any other faceless centre and allows the National Faceless Assessment Centre to assign verification requests to such units.
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Withholding tax rates for income from securities revised, and faceless assessment verification units may be assigned across centres.
The amendment prescribes differentiated withholding tax treatment for income from securities: income-tax on securities included in total income is to be calculated at distinct rates for Foreign Institutional Investors and for specified funds, with a lower rate for income characterised as interest under the withholding provision. It also permits the verification unit function under the faceless assessment scheme to be performed by verification units located in any other faceless centre and allows the National Faceless Assessment Centre to assign verification requests to such units.
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