Notification No. 01/2023 New Delhi, 29th March, 2023
Subject:- Procedure, format and standards for filling an application in Form No. 15C or Form No. 15D for grant of certificate for no-deduction of income-tax under sub-section (3) of section 195 of the Income Tax Act, 1961 through TRACES
1. Section 195(3) ofthe Income-tax Act, 1961 provides for grant of certificate to a person entitled to receive interest or other sum on which income tax is to be deducted under section 195(1) of the Income-tax Act, 1961 without deduction of tax at source. For the purpose, an application has to be made by the person to the Assessing Officer (hereinafter referred to as “AO”) in the prescribed form.
2. Rule 29B of the Income-tax Rules, 1962 prescribes the rules for making application for certificate authorising receipt of interest and other sums without deduction of tax in such cases. Rule 29B(3) of the Income-tax Rules, 1962 provides that the application shall be made by a banking company or insurer in Form No. 15C and by any other person who carries on business or profession in India through a branch in Form 15D.
3. In exercise of the powers delegated by the Central Board of Direct Taxes under sub-rule (1) of Rule 131 ofthe Income-tax Rules, 1962, the Director General of Income-tax (Systems) hereby specifies
a. Form No. 15C and Form No. 15D prescribed under Rule 29B(3) of the Income-tax Rules, 1962 for electronic furnishing at TRACES website under digital signature or through electronic verification code; and
b. the procedure, format and standards for the purpose of electronic filing of Form No. 15C and Form No. 15D and generation of certificate under sub-section (3) of section 195 of Income-tax Act, 1961, through TRACES in the succeeding paragraphs which will be applicable from 01.04.2023.
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