Answer Posted / amit singh

Withholding Tax are applicable when payment is made to
NRIs and Foreign Companies:

Withholding Tax Rates for payments made to Non-Residents
are determined by the Finance Act passed by the Parliament
for various years. The current rates are:

1. Interest - 20% of Gross Amount

2. Dividends - 10%

3. Royalties - 20%

4. Technical Services - 20%

5. Any other Services - Individuals - 30% of net income


Companies/Corporates - 40% of net income

The above rates are general and in respect of the countries
with which India does not have a Double Taxation Avoidance
Agreement (DTAA).

Double Taxation Relief:

India has entered into DTAA with 65 countries including
countries like U.S.A., U.K., Japan, France, Germany, etc.
These agreements provides for relief from the double
taxation in respect of incomes by providing exemption and
also by providing credits for taxes paid in one of the
countries. These treaties are based on the general
principles laid down in the model draft of the Organisation
for Economic Cooperation and Development (OECD) with
suitable modifications as agreed to by the other
contracting countries. In case of countries with which
India has double taxation avoidance agreements, the tax
rates are determined by such agreements.

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