TaxTMI 
TaxTMI 
Section 195 - TDS on income of non-resident or a foreign company
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....o a non-resident/foreign company, any sum (whether or not chargeable under the provisions of this act in the hands of recipient) shall furnish the information relating to payment of such sum, in such form and manner as may as be prescribed. Only in case of doubt deductor can approach Assessing Officer under section 195(2) * Where the person responsible for paying any such sum chargeable under this Act (other than salary) to a non-resident considers that the whole of such sum would not be income chargeable in the case of the recipient, he may make an application in such form and manner to the Assessing Officer, to determine in such manner, as may be prescribed, the appropriate proportion of such sum so chargeable, and upon such ....
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....priate proportion of such sum chargeable under the provision of this Act, for the purposes of tax deduction u/s 195(1). [ Rule 29BA(3) ] * Required Information at the time application :- While examining the application, the Assessing Officer shall also take into consideration, following information in relation to the recipient:- * (i) tax payable on estimated income of the previous year relevant to the assessment year; * (ii) tax payable on the assessed or returned or estimated income, as the case may be, of preceding four previous years; * (iii) existing liability under the Income-tax Act, 1961 and Wealth-tax Act, 1957; * (iv) advance tax payment, tax deducted at source and tax collected at source for the assessment year rel....
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....m no. 15CB has to be taken before uploading form no. 15CA. The relevant provisions applicable from 01.04.2016. * Amount which is remitted to abroad is chargeable to tax in the hands of recipient * The person responsible for paying to a non-resident, not being a company, or to a foreign company, any sum chargeable under the provisions of the Act, shall furnish the following, namely:- * (i) the information in Part A of Form No.15CA, if the amount of payment or the aggregate of such payments, as the case may be, made during the financial year does not exceed five lakh rupees; * (ii) for payments other than the payments referred in clause (i), the information,- * (a) in Part B of Form No.15CA after obtaining,- *....
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....ectronically under digital signature and thereafter printout of the said form shall be submitted to the authorised dealer, prior to remitting the payment; or * (ii) electronically in accordance with the procedures, formats and standards specified under rule 37BB(8) and thereafter signed printout of the said form shall be submitted to the authorised dealer, prior to remitting the payment. [ Rule 37BB(4) ] * An income-tax authority may require the authorised dealer to furnish the signed printout of Form No.15CA referred to in clause (ii) of rule 37BB(4) for the purposes of any proceedings under the Act. [ Rule 37BB(5) ] * The certificate in Form No. 15CB shall be furnished and verified electronically ....
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....Rule 37BB(8) ] Refund for denying liability to deduct tax in certain cases [ Section 239A ] * Make Application - Where under an agreement or other arrangement, in writing, the tax deductible on any income, other than interest, under section 195 is to be borne by the person by whom the income is payable, and such person having paid such tax to the credit of the Central Government claims that no tax was required to be deducted on such income, may, file an application before the Assessing Officer for refund of such tax. * Form and Time Period of filling of application - Make a application in Form No. 29D, within a period of 30 days from the date of payment of such tax. * Opportunity of being heard - No application shall be rejected....
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....Notifications & Circulars * w.e.f. 01.04.2024 the Central Government hereby notifies that no deduction of tax shall be made under the provisions of the Income-tax Act as specified in column (4) of the Table below in respect of the payments, as specified in column (3) of the said Table, made by any 'payer' to a person being a Unit of International Financial Services Centre, (hereinafter referred as 'payee'), as specified in column (2) of the below mentioned Table. This exemption is subject to the fulfillment of the conditions specified in Notification No. 28/2024, dated March 7, 2024. List of payments receivable by a Unit of International Financial Services Centre (IFSC) TABLE Sl. No. International Financial&n....