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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New CBDT Circular Simplifies Authorizing Payments to Non-Residents Under IT Act Sec 195(1) with New Forms and Procedures.</h1> The circular issued by the Central Board of Direct Taxes outlines a streamlined procedure for authorizing payments to non-residents under section 195(1) of the Income-tax Act, 1961. It mandates tax deduction at source on payments, excluding interest on securities and salaries, at applicable rates. The procedure involves designated banks and the Reserve Bank of India, eliminating the need for a 'No Objection Certificate' when tax is deducted at 30% for royalties and technical service fees. New non-statutory forms are introduced for authorizing remittances, which will be verified against tax laws and international agreements before approval.
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