Withholding tax procedure permits remittance without tax authority NOC when tax deducted and paid via designated banks. Remittance of royalty or fees for technical services to a foreign company under an approved agreement may proceed without a No Objection Certificate if tax is deducted at the specified rate and paid to an authorised public sector bank acting as a designated bank. The remitter must submit a prescribed form certified by a Chartered Accountant and the Income-tax challan; the designated bank will forward a certificate of payment to the Reserve Bank of India, which will then permit the remittance. Other payment types or claims of a lower tax rate require an NOC.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Withholding tax procedure permits remittance without tax authority NOC when tax deducted and paid via designated banks.
Remittance of royalty or fees for technical services to a foreign company under an approved agreement may proceed without a No Objection Certificate if tax is deducted at the specified rate and paid to an authorised public sector bank acting as a designated bank. The remitter must submit a prescribed form certified by a Chartered Accountant and the Income-tax challan; the designated bank will forward a certificate of payment to the Reserve Bank of India, which will then permit the remittance. Other payment types or claims of a lower tax rate require an NOC.
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