I had other documents as mentioned under rule 37bc to be eligible for lower withholding tax rate under sec 206AA. But till I arranged for those documents TDS was deducted @ 20% because I had no PAN. Can I claim refund of the excess TDS since I have the other documents mentioned under rule 37bc?
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Excess tds deducted @20% under sec 206aa
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Hi,
As mentioned by your goodself about the Rule 37BC applicable for you, it can be safely assumed that your are a non resident and hence, provisions of 206AA shall not be applicable only in case of transactions in the nature of Interest, Royalty, FTS and payment on transfer of Capital asset.
Also, Section 206AA shall continue to apply in case of payment in nature of Salary , Pension, Business profit, Dividend , Director Fees, Artists and sportspersons or any other payment.
Therefore, in case excess TDS was deducted on the payments in the nature of Interest, Royalty, FTS and payment on transfer of Capital asset, then refund of the excess TDS can be claimed, otherwise not, due to the non applicability of Rule 37BC on other nature of transactions.
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