TMI BlogSpecial Provision in respect of transaction with person located in Notified Jurisdictional Area - Section 94AX X X X Extracts X X X X X X X X Extracts X X X X ..... ange of information with any country or territory outside India, specify by notification in the Official Gazette such country or territory as a notified jurisdictional area in relation to transactions entered into by any assessee. Note - Clarification on removal of Cyprus from the list of notified jurisdictional areas under section 94A. [ Circular no. 15/2017 , dated 21.04.2017 ] If an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 92B , Person Includes: Person located in NJA shall include a person who is a resident of NJA and a person not being an Individual, which is established in the NJA, it would also include a permanent establishment of any other person in NJA. Authorisation: Payments made to any financial institution located in NJA would not be allowed as deduction unless the assessee authorizes the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rson is not the beneficial owner of the said sum) or the explanation offered by the assessee, in the opinion of the AO, is not satisfactory, then, such sum shall be deemed to be the income of the assessee for that previous year. Rate of TDS: If any payment made to person located in NJA the TDS to be deducted from such payments at the rate or rates in force; at the rate spec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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