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Royality payments

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This query is : Resolved

naresh nagpal (Querist)

24 April 2009 In case a company enters in to agreement with a company / individual outside India, then what is the procedure to pay royality and from which departm,ent permission is required. Is the agreement between two is also to be got approved

CA Devin

CA Devin (Expert)

24 April 2009 For making the payments to non-residents/foreign companies the person making the remittance has to give an undertaking to the authorised dealer/bank that he proposes to remit the necessary amount after deduction of tax at source at the appropriate rates along with a Chartered Accountant’s certificate that tax has been deducted at source at the appropriate rate and has been paid to the credit of the Government.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

24 April 2009 The required forms are form 15CA and 15 CB. For the said forms pl see https://law.incometaxindia.gov.in/TaxmannDit/DisplayPage/formspg.aspx?smd=3

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