CBDT exempts the non-resident person from certain provisions of the Income Tax, Act

Aug 18, 2022 | by TeamLease RegTech Legal Research Team

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Finance & Taxation ComplianceThe Central Board of Direct Taxes (CBDT) on August 17, 2022, issued a notification regarding the exemption of non-resident person from the provisions of the sub-section (1G) of section 206C of the Income Tax, Act 1961. 

The sub-section (1G) of section 206C of the Income Tax, Act 1961 states as follows:

“Every person, —

o being an authorised dealer, who receives an amount, for remittance out of India from a buyer, being a person remitting such amount out of India under the Liberalised Remittance Scheme of the Reserve Bank of India;

o being a seller of an overseas tour program package, who receives any amount from a buyer, being the person who purchases such package,

shall, at the time of debiting the amount payable by the buyer or at the time of receipt of such amount from the said buyer, by any mode, whichever is earlier, collect from the buyer, a sum equal to 5% of such amount as income-tax”

[Notification No. 99/2022/F. No. 370142/9/2022-TPL Part (2)]


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