Quick Summary
The Income-tax (Twenty-fourth Amendment) Rules, 2023 were notified on October 10, 2023, by the Central Board of Direct Taxes (CBDT). These rules amend the Income-tax Rules, 1962, to exempt non-resident individuals (not being companies) and foreign companies from submitting Form 60 in respect of certain transactions specified under Rule 114B of the Income-tax Rules, 1962, provided that: the transaction is entered into with an IFSC banking unit, and the non-resident individual or foreign c
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FAQ :
Non-resident individuals (not being companies) and foreign companies are exempt from submitting Form 60 for certain transactions.
The transaction must be with an IFSC banking unit, and the non-resident individual or foreign company must not have any income chargeable to tax in India.
The exemption is intended to simplify the compliance burden for non-residents and foreign companies and to promote ease of doing business in India.
The Income-tax (Twenty-fourth Amendment) Rules, 2023 were notified on October 10, 2023.
Yes, to claim deduction under section 194R, the deductee must provide a valid Taxpayer Identification Number (TIN) and the payment must be made through a banking channel.
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