Withholding tax rate amended, reducing the statutory deduction rate for specified payments effective from June this year. Amendment of the statutory withholding rate replaces the words in subsection (1) of section 158BFA of the Income-tax Act to substitute the previously prescribed rate wording with the newly specified rate wording, with effect from the 1st day of June, 2001, as enacted by the Finance Act, 2001.
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Withholding tax rate amended, reducing the statutory deduction rate for specified payments effective from June this year.
Amendment of the statutory withholding rate replaces the words in subsection (1) of section 158BFA of the Income-tax Act to substitute the previously prescribed rate wording with the newly specified rate wording, with effect from the 1st day of June, 2001, as enacted by the Finance Act, 2001.
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