Help Me to understand the underlined part. What does it actually mean? Whether it is applicable to NR other than comapnies or to only compnaies
In the Incometax Rules, 1962 (hereafter referred to as the said rules), after rule 37BB, the following rule shall be inserted, namely : "37BC. Relaxation from deduction of tax at higher rate under section 206AA. (1) In the case of a nonresident, not being a company, or a foreign company ( hereafter referred to as the deductee‟) and not having permanent account number the provisions of section 206AA shall not apply in respect of payments in the nature of interest, royalty, fees for technical services and payments on transfer of any capital asset, if the deductee furnishes the details and the documents specified in subrule (2) to the deductor
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