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Tax residency certificate

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(Querist)
02 January 2016 Tax Residency Certificate is being asked for prior to remitting payment to Foreign Entity against import of machinery.1. Is this necessary at all?2. If yes, is there a minimum value at which this becomes a requirement?
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CA. Divyansh Agarwal

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CA. Divyansh Agarwal (Expert)
02 January 2016 Tax residency certificate is required u/s 96(2) for getting Double taxation avoidance agreements benefits for tds deduction however in case of import of machinery provisions of tds provisions not applicable since such foreign entity does not have any business connection in India and hence such receipts are not chargeable to tax hence no need to deduct TDS and TRC.
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