Telecom Regulatory Authority of India Act,1997
Act No : 24
Section :
PART II RATES FOR DEDUCTION OF TAX AT SOURCE IN CERTAIN CASES In every case in which under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income-tax Act, tax is to be deducted at the rates in force, deduction shall be made from the income subject to the deduction at the following rates:- ------------------------------------------------------------ Rate of income tax ------------------------------------------------------------ 1. In the case of a person other than a company- (a) where the person is resident in India- (i) on income by way of interest other than "interest on securities" 10 per cent.; (ii) on income by way of winnings from lotteries and crossword puzzles 40 per cent.; (iii) on income by way of winnings form horse races 40 per cent.; (iv) on income by way of insurance commission 10 per cent.; (v) on income by way on interest payable on- 10 per cent.; (A) Any debenture or securities other than a security of the Central or a State Gover- nment for money issued by or on behalf or any local authority or a corporation established by a Central, State or Provincial Act (B) Any debentures issued by a company where such debentures are listed on a recognised stock exchange in India in accordance with the Securities Contract (Regulation) Act. 1956 and any rules made thereunder (vi) on any other income (b) where the person is not resident in India- 20 per cent.; (i) in the case of a non-resident India- (A) on any investment income 20 per cent.; (B) on income by way long-term capital gains referred to in section 115E 10 per cent.; (C) on other income by way of long-term capital gains 20 per cent.; (D) on income by way of interest payable by Government or and Indian concern on money borrowed or debt incurred by Government or the Indian concern in foreign currency 20 per cent.; (E) on income by way of winnings from lotteries and crossword puzzles 40 per cent.; (F) on income by way of winning from horse races 40 per cent.; (G) on the whole of other income Income-tax at 30 per cent. of the amount of income or income-tax in respect of the income at the rates prescribed in Paragraph A of Part III of this Schedule, if such income had been the total income. whichever is higher; (ii) in the case of any other person- (A) on income by way of interest payable by government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency 20 per cent.; (B) on income by way of winnings from lotteries and crossword puzzles 40 per cent.; (C) on income by way of winnings from horse race 40 per cent.; (D) on income by way of long-term capital gains 20 per cent.' (E) on the whole of the other income income-tax at 30 per cent. of the amount of income or income-tax in respect of the income at the rates prescribed in Paragraph A of Part III of this Schedule, if such income had been the total income. Whichever is higher. 2. In the case of a company- (a) where the company is a domestic company- (i) on income by way of interest other than "interest on securities" 20 per cent.; (ii) on income by way of winnings from lotteries and crossword puzzles 40 per cent.; (iii) on income by way of winnings from horse races 40 per cent.; (iv) on any other income 20 per cent.; (b) where the company is not a domestic company- (i) on income by way of winnings from lotteries and crossword puzzles 20 per cent.; (ii) on income by way winnings from horse races 40 per cent.; (iii) on income by way of interest payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1976, where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject4 referred to in the first proviso to sub-section (1A) of section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of section 115A of the Income-tax Act, to a person resident in India- (A) where the agreement is made before the 1st day of June, 1997 30 per cent. (B) where the agreement is made on or after the 1st day of June 1997 20 per cent. (v) on income by way of royalty [not being royalty of the nature referred to in sub-item (b) (iv) payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy- (A) where the agreement is made after the 31st day of March, 1961 but before the 1st day of April, 1976 50 per cent. (B) where the agreement is made after the 31st day of March, 1976 but before the 1st day of June, 1997 (C) where the agreement is made on or after the 1st day of June, 1997 30 per cent. (vi) on income by way of fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy- (A) where the agreement is made after the 29th day of February, 1964 but before the 1st day of April, 1976 50 per cent. (B) where the agreement is made after the 31st day of March, 1976 but before the 1st day of June, 1997 30 per cent. (C) where the agreement is made on or after the 1st day of June, 1997 20 per cent. (vii) on income by way of long-term capital gains 20 per cent. (viii) on any other income 48 per cent. Explanation.- For the purpose of item 1(b)(i) of this Part, "investment income" and "non-resident Indian" shall have the meanings assigned to them in Chapter XII-A of the Income-tax Act.
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