Foreign Companies Must Use Form 60 for IFSC Transactions Without PAN Under Amended Rule 114B.

The Central Board of Direct Taxes has amended the Income-tax Rules, 1962, specifically Rule 114B, through Notification No. 88/2023. These changes, effective upon publication, require foreign companies without taxable income in India and without a Permanent Account Number (PAN) to declare transactions in an IFSC banking unit using Form No. 60. Amendments to Rules 114BA and 114BB exempt non-residents and foreign companies from certain requirements if they transact with an IFSC banking unit and have no taxable income in India. The notification also updates the format and requirements for Form No. 60, detailing necessary identity and address documentation.

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