53EE. Deduction of tax from commission or remuneration paid to agent of foreign buyer.-

¹[53EE. Deduction of tax from commission or remuneration paid to agent of foreign buyer.-

Where, in accordance with the terms of the letter of credit or under  any  other  instruction,  a  bank,  through  which  an  exporter  receives payment for export of goods, pays any amount out of the export proceeds to the  credit  of  any  person  being  an  agent  or  a  representative  of  the  foreign buyer, as commission, charges or remuneration by whatever name it may be called, the bank shall deduct or collect tax in advance at the rate of  ²[ten percent (10%)] on the commission, charges or remuneration so paid at the time of such payment.]

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¹ Ins by F.A. 2000
² Subs. for "four percent" by F.A. 2010 and again subs. for "seven and half percent" by F. A. 2015

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