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of <h1>New Procedure for TDS Refunds u/s 195: Contract Cancellations, Approval Requirements, and No Interest on Refunds.</h1> The circular outlines the procedure for refunding tax deducted at source under section 195 of the Income-tax Act to the person who deducted the tax when no income accrues to the non-resident due to contract cancellations. It revokes Circular No. 769 and specifies that refunds require prior approval from the Chief Commissioner. The refund can be adjusted against any existing tax liabilities of the deductor. No interest under section 244A is admissible on these refunds. Claims must be made within two years from the end of the financial year in which the tax was deducted, and certain conditions must be met, including ensuring no certificate under section 203 was issued.
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