Friday, July 15, 2016

TDS from non residents

A new rule regarding relaxation from deduction of tax at higher rate under section 206AA has been inserted (1) In the case of a non-resident, not being a company, or a foreign company (hereafter referred to as 'the deductee') and not having permanent account number, the higher rate of 20% shall not apply in respect of payments in the nature of interest, royalty, fees for technical services and payments on transfer of any capital asset, if the deductee furnishes the details and the documents specified in sub-rule (2) to the deductor including contact details, tax identification number or any other unique identification number in the country of residence.

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