Non-resident companies can now claim benefits of tax treaty by just providing personal details, including name, address and tax residency certificate, even without providing a permanent account number (PAN). The Central Board of Direct Taxes has come out
with Rule 37BC, which gives relaxation to non-residents from furnishing PAN in India, while claiming tax deducted at source. It said in the absence of PAN, a nonresident can now provide the prescribed information and will not be subject to higher rate of withholding
tax on payments made by Indian companies for interest, royalty, fees for technical services. - www.business-standard.com [29-06-2016]