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Income-tax (5th Amendment) Rules, 2021 - 18/2021 - Income Tax

Extract

..... c verification code. (2) The Assessing Officer, in order to satisfy himself, shall examine whether the sum being paid or credited is chargeable to tax under the provisions of the Act read with the relevant Double Taxation Avoidance Agreement, if any, and if the sum is chargeable to tax he shall proceed to determine the appropriate proportion of such sum chargeable to tax. (3) The Assessing Officer shall examine the application and on being satisfied that the whole of such sum would not be the income chargeable in case of the recipient, may issue a certificate determining appropriate proportion of such sum chargeable under the provision of this Act, for the purposes of tax deduction under sub-section (1) of section 195. (4) While examining the application, the Assessing Officer shall also take into consideration, following information in relation to the recipient:- (i) tax payable on estimated income of the previous year relevant to the assessment year; (ii) tax payable on the assessed or returned or estimated income, as the case may be, of preceding four previous years; (iii) existing liability under the Income-tax Act, 1961(43 of 1961) and Wealth-tax Act, 1957(27 of 1957); (iv) ad .....

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Income-tax (5th Amendment) Rules, 2021 - 18/2021 - Income Tax

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..... obile Number 2. Details of the recipient: (i) PAN (if available) (ii) Name First name Middle name Last name (iii) Status (Individual/Firm/Company/AOP/BOI, as the case may be) (iv) Father’s name (in case of an individual) First name Middle name Last name (v) Date of birth (in case of individuals) or date of incorporation, if available (vi) Address in India (if applicable) (vii) Address of recipient in country of Residence outside India (viii) Tax Identification Number of recipient in the country of Residence (ix) Jurisdictional AO, if any (x) E-mail ID (xi) Mobile Number (xii) Passport No. (in case of individual) 3. Details of transaction (i) Country to which payment is to be made (ii) Amount payable In Foreign Currency In Indian Rs. (on estimated basis) (iii) Proposed date of payment in dd/mm/yyyy format (iv) Relevant previous year for which Certificate is requested (v) Nature of payment/ remittance as per agreement/document: Royalty Fees for technical services Dividend Interest Business income Capital gains Any other (please mention) (vi) In case the payment is net of taxes, whether tax payable, if any would be grossed up? (Tick) Yes ___No__ (vii) Details of previous certifi .....

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Income-tax (5th Amendment) Rules, 2021 - 18/2021 - Income Tax

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..... Fee for technical services (FTS), please indicate (a)Nature of Payment (b) The amount of income chargeable to tax under this head. (c) Tax liability on the chargeable sum under this head. (d) Justification of above tax liability (e) Based on above at what rate tax is required to be deducted E. In case of Interest income (a) Nature of interest income (b) Please indicate (i) Whether conditions of section 194LB are satisfied? (Tick) Yes ___No___ (ii) Whether conditions of section 194LBA are satisfied? (Tick) Yes ___No___ (iii) Whether conditions of section 194LC are satisfied? (Tick) Yes ___No___ (iv) Whether conditions of section 194LD are satisfied? (Tick) Yes ___No___ (v) Loan Registration Number (LRN) as given by Reserve Bank of India (c) The amount of income chargeable to tax under this head. (d) Tax liability on the chargeable sum under this head. (e) Justification of above tax liability. (f) Based on above at what rate tax is required to be deducted F. In case of other payment not covered by items A to E, above (a) Please specify the nature of payment (b) The amount of income chargeable to tax under this head. (c) Tax liability on the chargeable sum under this head. (d) Justif .....

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Income-tax (5th Amendment) Rules, 2021 - 18/2021 - Income Tax

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..... ick) Yes ___No___ (iii) if there is a claim for ‘Make Available’ clause, whether such clause in FTS article is sought to be included in the DTAA through Most Favoured Nation Clause? (Tick) Yes ___No___ (iv) if answer to (iii) above is yes, whether notification regarding ‘Make Available’ clause issued by Government of India (Tick) Yes ___No___ (v) If there is make available clause explain how that requirement is not satisfied (vi) If there is no make available clause explain how the payment is not FTS (c) if FTS is taxable in India under the DTAA , then state (i) Nature of FTS paid or to be paid (ii) The amount of income chargeable to tax under this head. (iii) Tax liability on the chargeable sum under this head (iv) Justification of above tax liability (v) Based on above at what rate tax is required to be deducted E. In case of Interest income (a) Whether such interest is liable to tax in India (Tick) Yes ___No___ (b) if no, give reasons along with nature of interest payment (c) if yes, then state, (I) Nature of interest income paid or to be paid (II) The amount of income chargeable to tax under this head. (III) Tax liability on the chargeable sum under this .....

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