PFRDA issued a Circular dated 17th December 2019 to clarify in respect of NPS annuity payable to NRI are subject to TDS.
It is clarified vide its circular No. PFRDA/2019/24/PDES/5 that based on the communication received from Insurance Regulatory and development Authority of India (IRDAI), it is hereby clarified that Annuity payable by ASPs to NRIs and OCIs will be taxed at source, at rates applicable as per the DTAA(Double taxation Avoidance Agreements) of the country where the annuitants resides.
Hence the intermediaries including Annuity Service Providers (ASPs) are required to display /convey to the prospective and existing subscribers that Annuities payable to NRI/OCI are subject to TDS and repatriation of the corpus if any will be subject to applicable laws and regulatory provisions of IRDAI/PFRDA/RBI in their relevant marketing materials/websites/ brouchers /communications
Follow us on YouTube Channel, Telegram Channel, Twitter & Facebook and WhatsApp Channel for all Latest News and Updates
