Payment towards Indian Agent Commission (IAC a. Invoice of IAC (stamped pre-receipted bill)
b. Particulars required for making payments through ‘Electronic Payment Mechanism’, in accordance with the clause on ‘MODE OF PAYMENT’ appearing in Annexure-I (i.e. ‘Instructions to bidders’) of bid document.
c. Payment advice (if applicable) against which IAC is claimed.
d. e-mail ID. (BL/03/28 dated 16.04.2014)
7.2.1 Particulars required before releasing payments to (foreign CONTRACTOR (non-resident as per Income Tax Act, 1961): The particulars as per clause (work center to indicate the appropriate clause number) of Annexure-I are invariably required before releasing payments to foreign CONTRACTOR, in accordance with the requirements for making remittances to non-residents as per Income Tax Act, 1961 (as amended from time to time). In addition to the said particulars submitted alongwith the bid, the CONTRACTOR should also provide any other information as may be required for determining the taxability of the amount to be remitted to the non-resident. Further, the CONTRACTOR shall be liable to intimate the subsequent changes (if any) to the information submitted against any of the said particulars, alongwith full details. CONTRACTOR should note that any delay in submission of information/documents as per clause (work center to indicate the appropriate clause number) of Annexure-I within the specified time may lead to the Income Tax Department directing ONGC to deduct tax at a higher rate than at which it may otherwise have directed. Such increased tax liability shall be recovered from the contractor.
Payment towards Indian Agent Commission (IAC a) Invoice of IAC (stamped pre-receipted bill)
b) Particulars required for making payments through ‘Electronic Payment Mechanism’, in accordance with the clause on ‘MODE OF PAYMENT’ appearing in Annexure-I (i.e. ‘Instructions to bidders’) of bid document.
c) Copy of payment advice (if applicable) against which IAC is claimed.
d) e-mail ID.
