The CBDT vide Notification No. 88/2023 dated October 10, 2023, has amended Rule 114B of the Income Tax Rules, 1962 (“the IT Rules”). As per the amendment, a company or firm without a PAN is prohibited from submitting Form 60 if it engages in any transaction specified in Rule 114B of the IT Rules. Additionally, a proviso has been introduced within Rule 114B of the IT Rules, allowing foreign companies without a Permanent Establishment (PE) and income subject to Indian taxation to submit Form 60 for opening bank accounts or term deposits in India.
The Notification can be accessed at: https://egazette.gov.in/WriteReadData/2023/249287.pdf