PTC India Financial Services (PFS) announced that the Income Tax Department has processed the request of the company and provided a certificate u/s 197 of Income Tax Act for deduction of lower withholding tax @ 3.70% ( current rate is 7.50%) on interest payments to PFS by
its various borrowers as mentioned in the certificate. This certificate is valid from 21 October 2020 till 31 March 2021 and will result more liquidity to the company. It would further help the company in having lower borrowing cost to the extent proportionate interest on amount available / would be available due to reduction in lower withholding tax.
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