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PAN Registration for Foreign Companies

Posted @ April 1, 2013, 3:39 am under (International Taxation Services)


NOW Permanent Account number is compulsory to avoid deduction of Tax at higher rate for all remittances after 1st April 2010 as per the recent amendment in Indian Income Tax Act, 1961
Requirement to obtain Permanent Account Number (PAN) by Foreign Party with Income Tax Authorities in India:
As per section 206AA inserted by the Finance (No. 2) Act, 2009, all foreign parties (individuals, partnerships, companies or any other form of entity) receiving payments from Indian companies after 1 April 2010 need to provide their PAN to the Indian party remitting the payment. If the PAN is not provided to the Indian party, then the Indian party is required to deduct tax on the foreign payment at the highest of the following rates:
1. at the rate specified in the Income Tax Act, 1961
2. at the rates in force (rate specified in the Finance Act or under the double tax treaty)
3. at 20%
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