The Central Board of Direct Taxes (CBDT) has recently clarified who will be able to benefit from tax deducted at source (TDS) in cases where income is assessable in the hands of an individual other than the deductee. This applies specifically to those treated as an association of persons (AOP) or a body of individuals for Indian tax purposes, such as domestic venture capital and private equity trusts; joint ventures; joint distributions; and other combinations (such as are prevalent in the pharmaceutical and film industries, among others). While there was always a substantive provision (section 199) under the Indian Income Tax Act, no rules prescribing the procedure had been made by the government.
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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.
