Presumptive taxation for foreign telecasters: taxable income based on gross remittances and tax deduction under section 195. For foreign telecasting companies lacking a branch or country-wise accounts, Assessing Officers shall compute taxable income by applying a presumptive profit rate of 10 per cent to gross receipts remitted abroad (after excluding agent commissions), or use the income declared if higher, and tax that amount; tax must be deducted at source under section 195, and voluntary payment of taxes with interest within thirty days will ordinarily avert penalty proceedings.
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Presumptive taxation for foreign telecasters: taxable income based on gross remittances and tax deduction under section 195.
For foreign telecasting companies lacking a branch or country-wise accounts, Assessing Officers shall compute taxable income by applying a presumptive profit rate of 10 per cent to gross receipts remitted abroad (after excluding agent commissions), or use the income declared if higher, and tax that amount; tax must be deducted at source under section 195, and voluntary payment of taxes with interest within thirty days will ordinarily avert penalty proceedings.
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