Question
Which document is no longer required for non-residents
and foreign companies opening bank accounts in IFSC Gift City, according to the amended Income Tax Rules?Solution
The Finance Ministry has amended Income Tax Rules and so now the non-residents and foreign companies opening bank accounts in IFSC Gift City will not have to furnish PAN and instead file a declaration.The non-resident or the foreign company opening a bank account at the International Financial Services Centres (IFSC) will have to file a declaration in Form 60 and should not have any tax liabilities in India.
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