Section 40 of ITA, 1961 : Section 40: Amounts Not Deductible
ITA, 1961
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Explanation using Example
Imagine a company in India, XYZ Pvt Ltd, that has hired a software development firm in the United States, ABC Corp, to provide technical services. XYZ Pvt Ltd is required to pay $100,000 to ABC Corp as fees for these services. According to Indian tax laws, XYZ Pvt Ltd should withhold tax on this payment and remit it to the Indian government before sending the remainder to ABC Corp...
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