Direct Tax Amendments

Concessional tax rate of 5% on interest income referred to in Sec. 194 LD not withdrawn

The CBDT has rebutted media reports that concessional tax rate of 5% on interest income referred to in section 194LD as provided by proviso to section 115AD(1)(i) has been withdrawn. The board has clarified that there is no change in the said proviso even after amendment of section 115AD vide Taxation and Other Laws (Relaxation and Amendment of Certain Provisions)…

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Direct Tax Amendments

CBDT notifies Rule 29BA and Form 15E to apply for certificate u/s 195 w.e.f. April 1, 2021

CBDT notifies insertion of Rule 29BA for making an application for grant of certificate determining appropriate proportion of sum chargeable to tax in case of payment made to non-residents under sub-section (2) and (7) of Sec. 195, w.e.f. April 1, 2021. Also, notifies Form 15E [Application by a person for a certificate under section 195(2) and 195(7) of the Income-tax…

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