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Relaxation from deduction of TDS in income tax

Relaxation from deduction of TDS in income tax

 
Notification No. 58/2020 Income-tax (19th Amendment) Rules, 2020 dtd 10th August 2020 Relaxation from deduction of TDS at higher rate and other changes
 
1) In case of non-residents not being a company, or a foreign company, section 139A [PAN] and therefore Section 206AA shall not apply in the below cases as per new rule 114AA
 
a)  The non-resident does not earn any income in India, other than the income from investment in the specified fund during the previous year;
 
b) Tax on income of non-resident has been deducted at source and remitted to the Central Government by the specified fund at the rates specified in section 194LBB of the Act; and 
 
c) Non-resident furnishes the following details and documents to the specified fund, namely
 
(i) name, e-mail id, contact number;
(ii) address in the country or specified territory outside India of which he is a resident;
(iii) a declaration that he is a resident of a country or specified territory outside India; and
(iv) Tax Identification Number in the country or specified territory of his residence or any unique number of identification
 
2)  The specified fund shall furnish a quarterly statement for the quarter of the financial year, in which the details and documents referred above are received by it, in Form No.49BA to Income-tax department, electronically and upload the declaration referred above within 15 days from the end of the quarter of the financial year to which such statement relates
 
 

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