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September 2008

I-T nod likely to be made mandatory for remittances.

By Raman Jokhakar, Tarunkumar Singhal, Chartered Accountants
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65 I-T nod likely to be made mandatory for
remittances.


Sources said a certificate from Assessing Officer (AO)
prescribing the rate at which withholding tax is to be deducted would be
required. This regulation existed some years ago, but was done away with to make
the process less cumbersome. However, with increase in remittances, both
corporate and individual, there is a growing feeling in the Department that tax
could be escaping the Department’s eye.

 

Tax experts feel this condition would create an unnecessary
roadblock. They feel the Department should specify a threshold or exempt
requirement of NOC in cases where no tax is payable.

(Source : The Economic Times, 8-8-2008)

 

[Compilers’ Note : Bureaucrats always want to gain and
regain controls. Does the Department have the time and requisite resources to
scrutinise even the Remittance Certificates issued by CAs u/s.195 ?]

 

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