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July 2012

Notification No. 21/2012 [F. No. 142/10/2012- SO(TPL], dated 13-6-2012.

By Pinky Shah, Sonalee Godbole, Chartered Accountants
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The following specified payments can be made after 1st July, 2012 without deduction of tax at source u/s.194J of the Act: Payment by a person for acquisition of software from another resident person, where —

 (i) the software is acquired in a subsequent transfer and the transferor has transferred the software without any modification,

(ii) tax has been deducted — (a) u/s.194J on payment for any previous transfer of such software; or (b) u/s.195 on payment for any previous transfer of such software from a non-resident, and

(iii) the transferee obtains a declaration from the transferor that the tax has been deducted either under sub-clause (a) or (b) of clause (ii) along with the Permanent Account Number of the transferor.

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