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of <h1>Circular No. 723: Tax Deduction Rules for Foreign Shipping Payments Explained, Sections 172, 194C, and 195 Highlighted.</h1> Circular No. 723, dated September 19, 1995, addresses tax deduction at source concerning payments to foreign shipping companies. It clarifies the application of sections 172, 194C, and 195 of the Income-tax Act, 1961. Section 172, a self-contained code, governs tax levy and recovery for non-resident shipping businesses on a per-journey basis and supersedes sections 194C and 195, which pertain to tax deductions for residents. Payments to agents of non-resident ship owners are also covered under section 172, exempting them from sections 194C and 195.
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