While there has been a recent buzz in the industry over the government's move of mandating the furnishing of Form 10F electronically, many people are unaware of the basic fact that the aforesaid form [as per section 90(5)] is only required to be furnished if the Tax Residency Certificate (TRC) furnished by the Non-Resident payee in accordance with section 90(4), does not contain certain information as prescribed in Rule 21AB(1). This is also stated in rule 21AB(2).
The
prescribed list of information has been delineated below:
(i)
Status (individual, company, firm
etc.) of the assessee;
(ii)
Nationality (in case of an
individual) or country or specified territory of incorporation or registration
(in case of others);
(iii)
Assessee's tax identification number
in the country or specified territory of residence and in case there is no such
number, then, a unique number on the basis of which the person is identified by
the Government of the country or the specified territory of which the asseessee
claims to be a resident;
(iv)
Period for which the residential
status, as mentioned in the certificate referred to in sub-section (4) of
section 90 or sub-section (4) of section 90A, is applicable; and
(v)
Address of the assessee in the
country or specified territory outside India, during the period for which the
certificate, as mentioned in (iv) above, is applicable.
(vi)
Thus, if your TRC contains the
aforesaid information, you need not furnish Form 10F. The CBDT on 12th December
2022, provided relief to the NR taxpayers not having PAN in India to furnish
Form 10F electronically, till 31st March 2023. The NR taxpayers now need to
ensure that the aforesaid information is a part of the TRC and they shall
remain exempt from the need of getting a PAN in India for the purpose of
availing tax benefits
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