Certificate validity for no deduction tied to named deductor; lower rate certificates issued to applicant authorising reduced withholding. Amendment revises rule 28AA to state that a certificate for no deduction of tax is valid only for the deductor named therein and must be issued directly to that deductor under advice to the applicant, while a certificate for deduction at a lower rate is issued to the applicant authorising receipt of income after deduction at the lower rate. It also replaces Form No.13 with a consolidated application and specified schedules and annexures detailing applicant particulars, past returns and tax payments, liabilities, estimated income computations and counterparty transaction details required to assess entitlement to no-deduction or lower-rate certificates.
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Provisions expressly mentioned in the judgment/order text.
Certificate validity for no deduction tied to named deductor; lower rate certificates issued to applicant authorising reduced withholding.
Amendment revises rule 28AA to state that a certificate for no deduction of tax is valid only for the deductor named therein and must be issued directly to that deductor under advice to the applicant, while a certificate for deduction at a lower rate is issued to the applicant authorising receipt of income after deduction at the lower rate. It also replaces Form No.13 with a consolidated application and specified schedules and annexures detailing applicant particulars, past returns and tax payments, liabilities, estimated income computations and counterparty transaction details required to assess entitlement to no-deduction or lower-rate certificates.
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