Deduction of tax at source under section 194-J--Payments by foreign companies and law firms to residents in India--Discontinuance of the requirement of sending quarterly statements--regarding - Income Tax - 766/1998

Deduction of tax at source under section 194-J--Payments by foreign companies and law firms to residents in India--Discontinuance of the requirement of sending quarterly statements--regarding Circular No. 766 Dated 24/4/1998 Attention is invited to Board's Circular No. 726, dated October 18, 1995 (F. No. 133/80/ 95-TPL), [1995] 216 ITR (St.) 61, wherein, inter alia, it was stated that the foreign companies and the foreign law and accountancy firms that have no presence in India should send a quarterly statement to the Deputy Secretary, Foreign Tax Division, CBDT, regarding the payments made to the Indian residents for professional services. 2. The Board has since reconsidered the matter. As the details of payments made to the Indian residents can easily be verified or collected wherever required, it has been decided to discontinue with immediate effect the requirement of sending the above quarterly statements. (Sd.) (Rajat Bansal), Under Secretary (FTD). [F. No. 500/101/97-FTD]