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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Simplified Process for Remitting Royalties to Foreign Firms: No Objection Certificate Not Required with 30% Tax Deduction.</h1> The circular outlines a new simplified procedure for remitting payments of royalty or fees for technical services to foreign companies. Taxpayers no longer need a No Objection Certificate from Income-tax authorities if they deduct 30% tax from such payments and pay it to a designated bank. The remitter must provide payment details in a prescribed form certified by a Chartered Accountant, along with the Income-tax Challan, to designated banks, which will then forward a payment certificate to the Reserve Bank of India. This procedure applies only to payments under an approved agreement with a 30% tax deduction. Other payments still require a No Objection Certificate.
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