Amendment of section 204.
70. In section 204 of the Income-tax Act, after clause (iia), the following clause shall be inserted, namely:-
“(iib) in the case of furnishing of information relating to payment to a non-resident, not being a company, or to a foreign company, of any sum, whether or not chargeable under the provisions of this Act, the payer himself, or, if the payer is a company, the company itself including the principal officer thereof;”.
Notes on Clauses:
Clause 70 of the Bill seeks to amend section 204 of the Income-tax Act relating to meaning of “person responsible for paying”.
It is proposed to insert a new clause (iib) in the said section so as to provide that in the case of furnishing of information relating to payment to a non-resident, not being a company, or to a foreign company, of any sum, whether or not chargeable under the provisions of this Act, the payer himself, or, if the payer is a company, the company itself including the principal officer thereof shall also be the person responsible for paying, within the meaning of definition under this section.
This amendment will take effect from 1st April, 2017.
