TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Amendment to Section 195: Tax Deduction Required on Payments to Non-Residents; Clarifies Crediting and Exempts Certain Payments.</h1> Section 195 of the Income-tax Act was amended effective June 1, 1987. The amendment requires any person responsible for paying interest (excluding interest on securities) or any other chargeable sum to a non-resident or foreign company to deduct income tax at the applicable rates at the time of crediting or payment. The amendment clarifies that crediting to any account, regardless of its name, is considered credit to the payee's account. Additionally, sub-section (2) was modified to specify that it shall not apply to certain payments to foreign companies, including specific interest, royalties, and fees for technical services.
TaxTMI 
TaxTMI 
