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of <h1>Section 196A Amendment: TDS on Non-Resident Income Aligned with Tax Treaties, Requires Tax Residency Certificate, Effective April 2023.</h1> Section 196A of the Act mandates a 20% TDS on income payments to non-residents or foreign companies from specified mutual funds or companies. Representations have requested that tax treaty benefits be considered during TDS, allowing for a lower rate if applicable. To address this, a proviso is proposed to section 196A, enabling TDS at the lower rate specified in tax treaties, provided the payee submits a tax residency certificate. This amendment is effective from April 1, 2023, aligning TDS rates with applicable tax treaty agreements.
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