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India Issues Notification on Exemption from PAN Requirement for Withholding Tax Purposes

|Approved Changes|India
India

On 24 June 2016, the Indian Central Board of Direct Taxes issued Notification No. 53/2016, which includes a new rule (37BC) to no longer require a permanent account number (PAN) for certain payments to non-residents. Under Indian tax law, payments to both resident and non-residents are subject to increased withholding tax if the recipient of the payments does not provide their PAN to the payer.…

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