Insights
Tax snippets: August 2019
August 31, 2019This newsletter throws light on the prescribed interest rate cap by the government for eligibility to concessional tax withholding rate under section 194LD. It also talks about the incentives under Finance Act, 2019 and the treatment of secondary discounts under GST laws.
Introduction
Scope and application
Where income by way of an interest (detailed in paragraph 2) is payable to a Foreign Institutional Investor or a Qualified Foreign Investor by any person, the tax is required to be withheld at a concessional rate of 5% by the person responsible for making such payment.
Rajat Bose
Partner
